Those who are currently having a look at the premarket action in the market this morning might have noticed that the Tenax Therapeutics (NASDAQ:TENX) stock has emerged as a notable gainer so far.
The specialty pharmaceutical company has seen its stock go up by 10% in premarket trading at the time of writing. However, it is necessary to note that there has been no news about the company in recent days. Hence, it might be worthwhile to take a look at a key development from earlier on in the month.
Back on June 10, it had emerged that the Tenax Therapeutics stock was going to be added to the Russell Microcap Index. The index goes through a reconstitution every year and the company’s name had been announced in a preliminary list back on June 4.
Following the reconstitution, the new list is going to go into effect once the markets open on June 28. While it is an important milestone for Tenax, it is necessary to keep in mind that listing in the in the index is effective for one year. After a year, the index is adjusted again in order to reflect the appropriate value of the companies in the index.
As of 7:33, TENX stock is trading higher by 13% to $2.15 in the pre-market session with 18K shares traded hands.