Gyre Therapeutics Announces Expected Addition to the Russell 2000® and Russell 3000® Indexes
Gyre Therapeutics (Nasdaq: GYRE), a clinical-stage biotechnology company developing anti-fibrotic treatments, announced its expected addition to the Russell 2000® and Russell 3000® indexes after the 2024 Russell Indexes annual reconstitution. This inclusion will take effect after U.S. market close on June 28, 2024. The Russell Indexes reconstitution captures the 4,000 largest U.S. stocks, ranking them by market capitalization. CEO Han Ying, Ph.D., highlighted that this milestone will boost Gyre's visibility as it advances its F351 program in both the PRC and the U.S., aiming to create long-term value for stockholders. Approximately $12.1 trillion in assets are benchmarked against the Russell U.S. Indexes.
- Expected addition to the Russell 2000® and Russell 3000® indexes enhances visibility.
- Inclusion in the indexes could attract more institutional investment.
- Membership in the Russell Indexes is based on objective market-capitalization rankings.
- Approximately $12.1 trillion in assets are benchmarked against the Russell U.S. Indexes.
- Inclusion is seen as a milestone indicating company growth and stability.
- Potential to attract both index funds and active investment strategies.
- No immediate financial gains or revenue increase announced.
- Potential temporary increase in stock price volatility due to index rebalancing.
- Inclusion in the index does not guarantee long-term stock performance.
SAN DIEGO, May 28, 2024 (GLOBE NEWSWIRE) -- Gyre Therapeutics (“Gyre”) (Nasdaq: GYRE), a clinical-stage, self-sustainable biotechnology company developing anti-fibrotic therapeutics for a variety of chronic organ diseases, today announced that it expects to be added to the small-cap Russell 2000® and all-cap Russell 3000® Indexes at the conclusion of the 2024 Russell Indexes annual reconstitution, effective after U.S. market close on June 28, 2024, according to a preliminary list of additions posted on May 24, 2024.
“Gyre’s addition to the widely-tracked Russell Indexes represents another important milestone for our company,” said Han Ying, Ph.D., Chief Executive Officer of Gyre Therapeutics. “We look forward to the enhanced visibility that inclusion in the Russell Indexes confers as we advance F351 in both the PRC and the United States and aim to create long-term value for our stockholders.”
The annual Russell Indexes reconstitution captures the 4,000 largest U.S. stocks as of April 30, 2024, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® 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
For more information on the Russell 3000® Index and the Russell Indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About Gyre Therapeutics
Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, with a primary focus on the development and commercialization of F351 (Hydronidone) for the treatment of NASH-associated fibrosis in the U.S. Gyre’s development strategy for F351 in NASH is based on the company’s experience in NASH rodent model mechanistic studies and CHB-induced liver fibrosis clinical studies. Gyre is also advancing a diverse pipeline in the PRC through its indirect controlling interest in Gyre Pharmaceuticals, including ETUARY therapeutic expansions, F573, F528, and F230.
About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.
FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit FTSE Russell.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the expectations regarding Gyre’s research and development efforts, timing of expected clinical readouts, including advancing F351 in both the PRC and the United States and Gyre’s addition to the small-cap Russell 2000 and all-cap Russell 3000 Indexes at the conclusion of the 2024 Russell Indexes annual reconstitution. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: Gyre’s ability to execute on its clinical development strategies; positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; the timing or likelihood of regulatory filings and approvals; competition from competing products; the impact of general economic, health, industrial or political conditions in the United States or internationally; the sufficiency of Gyre’s capital resources and its ability to raise additional capital. Additional risks and factors are identified under “Risk Factors” in Gyre’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on March 27, 2024 and in other filings with the Securities and Exchange Commission.
Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For Investors:
Stephen Jasper
stephen@gilmartinir.com
FAQ
What is the significance of GYRE being added to the Russell 2000® and Russell 3000® indexes?
When will Gyre Therapeutics be added to the Russell 2000® and Russell 3000® indexes?
How does inclusion in the Russell Indexes benefit Gyre Therapeutics?
What criteria are used for inclusion in the Russell 2000® and Russell 3000® indexes?
What effect might the Russell Indexes reconstitution have on GYRE stock?
