TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

Rhea-AI Summary

LegalZoom (NASD: LZ) will join the S&P SmallCap 600 effective prior to market open on Feb 2, 2026, as S&P Dow Jones Indices adjusts both the S&P MidCap 400 and S&P SmallCap 600.

Multiple additions and deletions occur on Jan 30, 2026 and Feb 2, 2026, including TTM Technologies, Dutch Bros, Advanced Energy Industries, American Healthcare REIT, and corresponding deletions tied to pending mergers and a liquidation.

Positive

• LegalZoom (LZ) added to S&P SmallCap 600 effective Feb 2, 2026
• TTM Technologies promoted to S&P MidCap 400 effective Jan 30, 2026
• Three additions to S&P MidCap 400 on Feb 2, 2026 (BROS, AEIS, AHR)

Negative

• Deletions tied to pending bank and energy mergers remove several MidCap names
• Elme Communities removed due to ongoing liquidation activities

Key Figures

Effective date: Jan 30, 2026 Effective date: Feb 2, 2026 Index invention year: 1884 +2 more

5 metrics

Effective date Jan 30, 2026 Index changes effective prior to market open

Effective date Feb 2, 2026 Subsequent index changes effective prior to market open

Index invention year 1884 Year Charles Dow invented the first index

S&P 500 reference S&P 500 Referenced as an iconic market indicator

Dow Jones reference Dow Jones Industrial Average Mentioned as an iconic index

Market Reality Check

Price: $40.89 Vol: Volume 5,828,200 is about...

low vol

$40.89 Last Close

Volume Volume 5,828,200 is about 0.6x the 20-day average of 9,748,340, suggesting no outsized pre-news positioning. low

Technical Price at $40.84 is trading above the 200-day MA ($23.43) and sits just $0.03 below the 52-week high of $40.87.

Peers on Argus

APLS was up 0.12% while close peers were mixed: SRRK (-1.18%), IMVT (+2.82%), KY...

1 Up

APLS was up 0.12% while close peers were mixed: SRRK (-1.18%), IMVT (+2.82%), KYMR (+4.01%), TLX (+1.90%), PTGX (-1.05%). Only PTGX appeared in momentum scans, moving up, which points to stock-specific factors rather than a coordinated biotech move.

Historical Context

5 past events · Latest: Apr 07 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 07	Shareholder fairness review	Neutral	+0.2%	Law firm inquiry into fairness of deals involving APLS and peers.
Mar 31	Deal fairness inquiry	Neutral	+135.4%	Announcement of investigations into fairness of transactions for APLS holders.
Mar 31	Acquisition by Biogen	Positive	+135.4%	Biogen to acquire Apellis for $41 per share plus CVR tied to SYFOVRE.
Mar 02	Board appointment	Positive	-1.2%	Former Pfizer R&D leader Mikael Dolsten joins Apellis board of directors.
Feb 24	Earnings results	Positive	-1.5%	Reported $689M 2025 revenue and net income, but a larger Q4 net loss.

Pattern Detected

Recent major deal news (Biogen acquisition) saw a very strong positive move, while earnings and management changes drew modest negative reactions, indicating stronger sensitivity to M&A than to fundamentals or governance updates.

Recent Company History

Over the past few months, APLS has been driven primarily by strategic transactions. On Mar 31, 2026, Biogen agreed to acquire Apellis for $41 per share plus a CVR, triggering a +135.4% move. Earlier, Q4 and full-year 2025 results highlighted $689M in net product revenue and a swing to profitability, yet the stock fell modestly. Governance and board changes also produced small negative moves. Against this backdrop, today’s index change news slots into a period already defined by a pending takeout.

Market Pulse Summary

This announcement details upcoming S&P index rebalancings that add Apellis to the S&P SmallCap 600, ...

Analysis

This announcement details upcoming S&P index rebalancings that add Apellis to the S&P SmallCap 600, potentially influencing ownership by index-linked funds. It comes after a period defined by Biogen’s agreement to acquire Apellis for $41 per share plus a CVR and solid 2025 revenue performance of $689M. Key factors to watch include progress of the tender offer and related regulatory steps, as well as any further corporate updates that might affect how index changes interact with the pending transaction.

Key Terms

s&p midcap 400, s&p smallcap 600, gics sector

3 terms

s&p midcap 400 financial

"TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400"

The S&P MidCap 400 is a group of 400 companies that are smaller than the big, well-known corporations but larger than tiny startups. It helps investors see how medium-sized companies are performing in the stock market, acting like a barometer for this middle-sized group of businesses.

s&p smallcap 600 financial

"will make the following changes to the S&P MidCap 400, S&P SmallCap 600"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. Not financial advice.

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:

• S&P SmallCap 600 constituent TTM Technologies Inc. (NASD: TTMI) will replace Civitas Resources Inc. (NYSE: CIVI) in the S&P MidCap 400, and Amneal Pharmaceuticals Inc. (NASD: AMRX) will replace TTM Technologies in the S&P SmallCap 600 effective prior to the opening of trading on Friday, January 30. S&P SmallCap 600 constituent SM Energy Co. (NYSE: SM) is acquiring Civitas Resources in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.
• Dutch Bros Inc. (NYSE: BROS) will replace PotlatchDeltic Corp. (NASD: PCH) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P MidCap 400 constituent Rayonier Inc. (NYSE: RYN) is acquiring PotlatchDeltic in a deal expected to be completed soon, pending final closing conditions. Rayonier will remain in the S&P MidCap 400 post-merger.
• S&P SmallCap 600 constituent Advanced Energy Industries Inc. (NASD: AEIS) will replace Comerica Inc. (NYSE: CMA) in the S&P MidCap 400, and Apellis Pharmaceuticals Inc. (NASD: APLS) will replace Advanced Energy Industries in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring Comerica in a deal expected to be completed soon, pending final closing conditions.
• American Healthcare REIT Inc. (NYSE: AHR) will replace Cadence Bank (NYSE: CADE) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Huntington Bancshares Inc. (NASD: HBAN) is acquiring Cadence Bank in a deal expected to be completed soon, pending final closing conditions.
• LegalZoom.com Inc. (NASD: LZ) will replace Elme Communities (NYSE: ELME) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. Elme Communities has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
Jan 30, 2026	S&P MidCap 400	Addition	TTM Technologies	TTMI	Information Technology
Jan 30, 2026	S&P MidCap 400	Deletion	Civitas Resources	CIVI	Energy
Jan 30, 2026	S&P SmallCap 600	Addition	Amneal Pharmaceuticals	AMRX	Health Care
Jan 30, 2026	S&P SmallCap 600	Deletion	TTM Technologies	TTMI	Information Technology
Feb 2, 2026	S&P MidCap 400	Addition	Dutch Bros	BROS	Consumer Discretionary
Feb 2, 2026	S&P MidCap 400	Addition	Advanced Energy Industries	AEIS	Information Technology
Feb 2, 2026	S&P MidCap 400	Addition	American Healthcare REIT	AHR	Real Estate
Feb 2, 2026	S&P MidCap 400	Deletion	Comerica	CMA	Financials
Feb 2, 2026	S&P MidCap 400	Deletion	Cadence Bank	CADE	Financials
Feb 2, 2026	S&P MidCap 400	Deletion	PotlatchDeltic	PCH	Real Estate
Feb 2, 2026	S&P SmallCap 600	Addition	Apellis Pharmaceuticals	APLS	Health Care
Feb 2, 2026	S&P SmallCap 600	Addition	LegalZoom.com	LZ	Industrials
Feb 2, 2026	S&P SmallCap 600	Deletion	Advanced Energy Industries	AEIS	Information Technology
Feb 2, 2026	S&P SmallCap 600	Deletion	Elme Communities	ELME	Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

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View original content:https://www.prnewswire.com/news-releases/ttm-technologies-dutch-bros-advanced-energy-industries-and-american-healthcare-reit-set-to-join-sp-midcap-400-others-to-join-sp-smallcap-600-302671845.html

SOURCE S&P Dow Jones Indices

FAQ

When will LegalZoom (LZ) be added to the S&P SmallCap 600?

LegalZoom (LZ) will be added prior to market open on Feb 2, 2026. According to S&P Dow Jones Indices, the change replaces Elme Communities and follows index rebalancing rules tied to company status and liquidity.

What does LegalZoom's (LZ) S&P SmallCap 600 inclusion mean for investors?

Inclusion may increase passive fund demand and trading volume for LegalZoom (LZ). According to S&P Dow Jones Indices, index-linked funds typically rebalance to track constituents on the effective date, which can affect short-term liquidity.

Which companies were added to the S&P MidCap 400 on Feb 2, 2026?

Dutch Bros (BROS), Advanced Energy Industries (AEIS), and American Healthcare REIT (AHR) were added on Feb 2, 2026. According to S&P Dow Jones Indices, these additions correspond with deletions tied to pending acquisitions and corporate changes.

Why was Elme Communities removed from the S&P SmallCap 600?

Elme Communities was removed because it has announced ongoing liquidation activities and is no longer appropriate for the index. According to S&P Dow Jones Indices, such corporate status makes a company ineligible for continued inclusion.

How does the Jan 30, 2026 change affect TTM Technologies (TTMI)?

TTM Technologies (TTMI) will move from the S&P SmallCap 600 to the S&P MidCap 400 on Jan 30, 2026. According to S&P Dow Jones Indices, this reflects the company meeting midcap inclusion criteria and triggers index fund rebalancing.

Are the deletions on Feb 2, 2026 related to mergers or acquisitions?

Yes, several deletions correspond to pending mergers, including Comerica, Cadence Bank, and PotlatchDeltic. According to S&P Dow Jones Indices, acquiring companies are expected to remain in the indices post-merger when applicable.