Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Falls 6.9% – What’s Next?

Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU)’s share price dropped 6.9% during mid-day trading on Wednesday. The company traded as low as $275.65 and last traded at $269.1950. 114,709 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 551,260 shares. The stock had previously closed at $289.00.

Direxion Daily S&P Biotech Bull 3X ETF Stock Up 1.7%

The firm’s fifty day moving average is $276.76 and its 200 day moving average is $225.54.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

Institutional investors and hedge funds have recently modified their holdings of the stock. Revere Asset Management Inc purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth approximately $666,000. Valued Retirements Inc. acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth about $454,000. Ramsey Quantitative Systems purchased a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter valued at about $41,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF in the 1st quarter valued at about $166,000. Finally, Foundations Investment Advisors LLC purchased a new position in Direxion Daily S&P Biotech Bull 3X ETF in the 4th quarter worth approximately $797,000.

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.