Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Up – Time to Buy?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped up before the market opened on Monday . The stock had previously closed at $206.86, but opened at $221.39. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $228.66, with a volume of 313,538 shares traded.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 10.9%

The company has a 50 day moving average price of $183.93 and a 200-day moving average price of $171.36.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth about $71,000. Qube Research & Technologies Ltd bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at approximately $26,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the first quarter valued at approximately $166,000. Headlands Technologies LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the second quarter valued at approximately $69,000. Finally, Bank of America Corp DE increased its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 134.2% during the third quarter. Bank of America Corp DE now owns 2,476 shares of the company’s stock valued at $232,000 after acquiring an additional 1,419 shares during the period.

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.