Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Down – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped down prior to trading on Friday . The stock had previously closed at $170.74, but opened at $164.08. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $165.2680, with a volume of 83,975 shares traded.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 4.4%

The firm’s fifty day moving average price is $167.31 and its 200-day moving average price is $128.30.

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

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 664.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 58,171 shares of the company’s stock worth $5,445,000 after purchasing an additional 50,564 shares in the last quarter. IMC Chicago LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at $3,806,000. Squarepoint Ops LLC raised its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 33.2% in the 2nd quarter. Squarepoint Ops LLC now owns 161,146 shares of the company’s stock valued at $9,171,000 after buying an additional 40,157 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at $3,208,000. Finally, Virtu Financial LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth about $1,757,000.

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.