Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 6.2% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) fell 6.2% during trading on Wednesday . The company traded as low as $99.01 and last traded at $99.04. 938,568 shares traded hands during trading, a decline of 50% from the average session 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’s 50 day moving average is $120.52 and its 200-day moving average is $123.89.

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

Several large investors have recently modified their holdings of LABU. McGuire Investment Group LLC raised its position in Direxion Daily S&P Biotech Bull 3x Shares by 3.9% in the 3rd quarter. McGuire Investment Group LLC now owns 4,633 shares of the company’s stock worth $596,000 after purchasing an additional 175 shares during the period. 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 valued at approximately $43,000. Dunhill Financial LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth approximately $46,000. Foundations Investment Advisors LLC lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 13.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after acquiring an additional 530 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter valued at $68,000.

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.