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Traders poured tens of millions into a triple-leveraged biotech fund in a single day, a move that looks like bold conviction until you see what that same bet returned over five years.
Biotechnology stocks are showing signs of a renewed recovery, supported by a pickup in pharmaceutical mergers and acquisitions and investor interest in drug development pipelines. Key Takeaways: Big pharma acquisitions are hitting record highs to combat impending patent cliffs.
If you bought XBI a year ago and held it, you are up roughly 65%. If you bought Direxion Daily S&P Biotech Bull 3X Shares (NYSEARCA:LABU) on the same day, you are up about 235%.
Biotech has reasserted itself over the past year as drug approvals,
JPMorgan Chase and Co. purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 34,270 shares of the company's stock, valued at approximately $3,208,000. JPMorgan Chase and
Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU - Get Free Report) 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
Triple-leveraged ETFs aren't for everyone, but if you believe biotech is about to break out, Direxion Daily S&P Biotech Bull 3X Shares (NASDAQ:LABU) offers the most aggressive way to capture that move.
Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $186.25 and last traded at $175.81, with a volume of 1797531 shares changing hands. The stock had previously closed at $159.31. Direxion Daily S&P