Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 6.2% – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares were down 6.2% on Wednesday . The company traded as low as $99.01 and last traded at $99.04. Approximately 938,568 shares traded hands during trading, a decline of 50% from the average daily volume of 1,876,497 shares. The stock had previously closed at $105.56.

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

The stock has a 50 day simple moving average of $120.52 and a 200-day simple moving average of $123.89.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $43,000. Dunhill Financial LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at about $46,000. Headlands Technologies LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the second quarter valued at about $68,000. SG Americas Securities LLC grew its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 82.8% during the second quarter. SG Americas Securities LLC now owns 2,142 shares of the company’s stock valued at $243,000 after purchasing an additional 970 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $279,000.

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.