Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 4.7% – Here’s What Happened

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) were down 4.7% on Monday . The stock traded as low as $124.93 and last traded at $124.93. Approximately 388,460 shares traded hands during trading, a decline of 81% from the average daily volume of 2,030,149 shares. The stock had previously closed at $131.10.

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

The stock has a fifty day simple moving average of $130.85 and a 200-day simple moving average of $119.27.

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

A number of institutional investors and hedge funds have recently made changes to their positions in LABU. TB Alternative Assets Ltd. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the first quarter worth $10,180,000. Tidal Investments LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the first quarter worth $1,858,000. Bank of New York Mellon Corp acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at $596,000. Traynor Capital Management Inc. grew its stake in 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 purchasing an additional 4,285 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the 3rd quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock valued at $412,000 after purchasing an additional 1,057 shares in the last quarter.

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.