Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Up 7.8% – Should You Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) rose 7.8% during mid-day trading on Tuesday . The stock traded as high as $88.52 and last traded at $89.07. Approximately 896,900 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 1,558,230 shares. The stock had previously closed at $82.60.

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

The stock has a 50-day moving average of $103.80 and a 200-day moving average of $120.90.

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

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at approximately $596,000. SG Americas Securities LLC grew its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the third quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock worth $412,000 after purchasing an additional 1,057 shares during the period. McGuire Investment Group LLC increased its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 3.9% during the third quarter. McGuire Investment Group LLC now owns 4,633 shares of the company’s stock valued at $596,000 after purchasing an additional 175 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter valued at approximately $43,000. Finally, Foundations Investment Advisors LLC boosted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 13.0% in the 3rd quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after purchasing an additional 530 shares in the last quarter.

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.