Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 5.7%

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) fell 5.7% during trading on Friday . The company traded as low as $120.11 and last traded at $120.16. 383,391 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,227,115 shares. The stock had previously closed at $127.38.

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

The firm’s 50-day moving average price is $129.45 and its 200 day moving average price is $121.84.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LABU. Headlands Technologies LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at about $68,000. SG Americas Securities LLC lifted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 82.8% during the 2nd quarter. SG Americas Securities LLC now owns 2,142 shares of the company’s stock valued at $243,000 after acquiring an additional 970 shares during the period. Gateway Advisory LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at about $366,000. Sheaff Brock Investment Advisors LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at approximately $488,000. Finally, Foundations Investment Advisors LLC lifted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 25.3% during the 2nd quarter. Foundations Investment Advisors LLC now owns 4,087 shares of the company’s stock worth $464,000 after buying an additional 825 shares during 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.