Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Sees Significant Drop in Short Interest

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) was the target of a large decline in short interest in March. As of March 31st, there was short interest totaling 632,819 shares, a decline of 13.4% from the March 15th total of 730,469 shares. Currently, 24.2% of the company’s stock are short sold. Based on an average trading volume of 692,476 shares, the days-to-cover ratio is currently 0.9 days.

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

Institutional investors have recently added to or reduced their stakes in the company. Great Hill Capital LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $688,000. JPMorgan Chase & Co. bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $3,208,000. IvyRock Asset Management HK Ltd bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $768,000. IMC Chicago LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth about $3,806,000. Finally, McGuire Investment Group LLC increased its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 30.2% during the third quarter. McGuire Investment Group LLC now owns 6,547 shares of the company’s stock worth $613,000 after acquiring an additional 1,519 shares during the period.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 7.2%

Direxion Daily S&P Biotech Bull 3x Shares stock opened at $210.82 on Friday. Direxion Daily S&P Biotech Bull 3x Shares has a fifty-two week low of $44.51 and a fifty-two week high of $212.45. The stock’s 50 day simple moving average is $165.81 and its two-hundred day simple moving average is $153.84.

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.