Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Up 8.9% – Should You Buy?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) rose 8.9% during mid-day trading on Friday. The stock traded as high as $234.27 and last traded at $242.7650. 110,160 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 547,632 shares. The stock had previously closed at $223.00.

Direxion Daily S&P Biotech Bull 3X ETF Stock Performance

The stock has a 50-day moving average of $276.24 and a 200-day moving average of $231.99.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

Several hedge funds and other institutional investors have recently modified their holdings of LABU. Ramsey Quantitative Systems acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at approximately $41,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the first quarter worth approximately $166,000. Valued Retirements Inc. acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth approximately $454,000. Finally, Revere Asset Management Inc bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth approximately $666,000.

About Direxion Daily S&P Biotech Bull 3X ETF

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.