Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 9.1% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) were down 9.1% during mid-day trading on Monday . The company traded as low as $176.90 and last traded at $177.45. Approximately 371,644 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 612,834 shares. The stock had previously closed at $195.30.

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

The business has a 50-day simple moving average of $178.30 and a 200-day simple moving average of $168.19.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Great Hill Capital LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $688,000. JPMorgan Chase & Co. purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $3,208,000. IvyRock Asset Management HK Ltd purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $768,000. IMC Chicago LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at approximately $3,806,000. Finally, Millennium Capital Advisors LLC purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at approximately $648,000.

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.