Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 6.4% – Here’s Why

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) dropped 6.4% during mid-day trading on Thursday . The stock traded as low as $107.30 and last traded at $107.39. Approximately 803,797 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,886,394 shares. The stock had previously closed at $114.79.

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

The stock’s 50-day moving average is $122.21 and its 200 day moving average is $124.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth about $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 worth approximately $596,000. Traynor Capital Management Inc. grew its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 73.8% during the 2nd quarter. Traynor Capital Management Inc. now owns 10,089 shares of the company’s stock worth $1,144,000 after acquiring an additional 4,285 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $279,000. Finally, SG Americas Securities LLC lifted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the third quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock worth $412,000 after purchasing an additional 1,057 shares in the last quarter.

Direxion Daily S&P Biotech Bull 3x Shares Company Profile

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.