Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Shares Climb 8.9% – Here’s Why

Shares of Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) rose 8.9% during mid-day trading on Friday. The company traded as high as $234.27 and last traded at $242.7650. 110,160 shares were traded during trading, a decline of 80% from the average daily volume of 547,632 shares. The stock had previously closed at $223.00.

Direxion Daily S&P Biotech Bull 3X ETF Stock Up 7.3%

The company has a 50 day moving average price of $276.24 and a 200-day moving average price of $231.99.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3X ETF

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Revere Asset Management Inc acquired a new position in Direxion Daily S&P Biotech Bull 3X ETF during the 2nd quarter valued at about $666,000. Valued Retirements Inc. acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3X ETF in the 2nd quarter worth approximately $454,000. Halbert Hargrove Global Advisors LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the first quarter valued at approximately $166,000. Finally, Ramsey Quantitative Systems bought a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at approximately $41,000.

Direxion Daily S&P Biotech Bull 3X ETF 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.