Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Gap Up – Time to Buy?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) gapped up before the market opened on Wednesday . The stock had previously closed at $79.31, but opened at $84.97. Direxion Daily S&P Biotech Bull 3x Shares shares last traded at $86.15, with a volume of 1,027,514 shares trading hands.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 2.2 %

The stock’s fifty day simple moving average is $107.52 and its 200-day simple moving average is $121.37.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at about $9,012,000. Traynor Capital Management Inc. lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.7% in the third quarter. Traynor Capital Management Inc. now owns 10,763 shares of the company’s stock valued at $1,386,000 after buying an additional 674 shares during the period. Bank of New York Mellon Corp bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth about $596,000. JPMorgan Chase & Co. lifted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 129.3% during the third quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock worth $625,000 after purchasing an additional 2,735 shares during the period. Finally, McGuire Investment Group LLC lifted its stake in 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 worth $596,000 after purchasing an additional 175 shares during the period.

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.