9 Meters Biopharma Inc (NASDAQ:NMTR) is trading with mild gains in the pre-market session after falling over 10% last week.
Major Trigger:
9 Meters Biopharma : Added to Russell 2000(R) and 3000(R) Indexes
Key Highlights:
- 9 Meters Biopharma announced today it has joined the broad-market Russell 3000® Index and the small-cap Russell 2000® Index at the conclusion of the Russell U.S. Indexes annual reconstitution. These updated Indexes will become effective after U.S. equity markets open today, Monday June 28, 2021.
- The annual reconstitution of the Russell indexes captures the 4,000 largest U.S. stocks as of May 7, 2021, ranking them by total market capitalization. Membership in the Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
- Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Key Quote:
‘The addition of 9 Meters to these Russell Indexes is indicative of both the perseverance and accomplishments our team has made in the last year as we strive to become the treatment leader in rare and unmet gastroenterology disorders,’ said John Temperato, President and Chief Executive Officer of 9 Meters. ‘Our inclusion in the Russell Indexes will raise our visibility among the international investment community at a favorable time, as we move towards several upcoming milestones.’
Market Reaction
As of 8:38, NMTR stock gained by 3.33% to $1.24. So far more than 129K shares have exchanged hands.
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