Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 6.2% – What’s Next?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) dropped 6.2% on Wednesday . The stock traded as low as $99.01 and last traded at $99.04. Approximately 938,568 shares were traded during trading, a decline of 50% from the average daily volume of 1,876,497 shares. The stock had previously closed at $105.56.

Direxion Daily S&P Biotech Bull 3x Shares Stock Performance

The firm has a 50 day moving average of $121.65 and a 200-day moving average of $124.37.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LABU. Tidal Investments LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth approximately $9,012,000. Bank of New York Mellon Corp acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter valued at about $596,000. Traynor Capital Management Inc. increased its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 73.8% during the second quarter. Traynor Capital Management Inc. now owns 10,089 shares of the company’s stock valued at $1,144,000 after acquiring an additional 4,285 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth $279,000. Finally, SG Americas Securities LLC raised its stake in Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the 3rd quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock worth $412,000 after acquiring an additional 1,057 shares during the last quarter.

About Direxion Daily S&P Biotech Bull 3x Shares

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.