Puma Biotechnology to Join Russell 3000 Index

Rhea-AI Summary

Puma Biotechnology (NASDAQ: PBYI) will join the Russell 3000 Index starting July 1, following the annual reconstitution of Russell Investments' equity indexes. This inclusion is based on market-capitalization rankings as of the end of April.

Membership in the Russell 3000 will also mean automatic inclusion in either the Russell 1000 Index or Russell 2000 Index, and relevant growth and value style indexes. It offers increased liquidity and broader exposure to institutional investors, benefiting stockholders.

The Russell indexes, utilized by investment managers and institutional investors, benchmark over $10 trillion in assets. This is a significant development for Puma Biotechnology, aligning them with major U.S. and global equity performance metrics.

Positive

• Joining the Russell 3000 Index increases liquidity for Puma Biotechnology's stock.
• Exposure to a broader base of institutional investors is expected.
• Inclusion is based on objective, market-capitalization rankings.
• Automatic membership in large-cap or small-cap indexes provides additional value.
• The inclusion aligns Puma Biotechnology with major U.S. and global equity performance metrics.

Negative

• Membership in the Russell 3000 Index is only for one year, requiring annual re-evaluation.
• The inclusion relies heavily on market capitalization, which can fluctuate.

LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, is set to join the broad-market Russell 3000^® Index at the conclusion of Russell Investments’ annual reconstitution of its comprehensive set of U.S. and global equity indexes on June 28 and effective after U.S. markets open on July 1, according to a preliminary list of additions posted on May 24.

“We are very pleased to be included in the widely referenced Russell Indexes,” said Alan H. Auerbach, Chief Executive Officer and President of Puma Biotechnology. “We believe that inclusion in the Russell 3000 will benefit our stockholders by increasing liquidity and providing exposure to a broader base of institutional investors.”

Reconstitution of Russell’s U.S. Indexes captures the 4,000 largest U.S. stocks as of the end of April, ranking them by total market capitalization. Membership in the Russell 3000, 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. The Russell 3000 also serves as the U.S. component to the Russell Global Index.

Russell determines membership for its equity 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 both passive and active investment strategies. Over $10 trillion in assets are benchmarked against Russell’s U.S. Indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

About Puma Biotechnology

Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on the development and commercialization of innovative products to enhance cancer care. Puma in-licensed the global development and commercialization rights to PB272 (neratinib, oral) in 2011. Neratinib, oral was approved by the U.S. Food and Drug Administration in 2017 for the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer, following adjuvant trastuzumab-based therapy, and is marketed in the United States as NERLYNX® (neratinib) tablets. In February 2020, NERLYNX was also approved by the FDA in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. NERLYNX was granted marketing authorization by the European Commission in 2018 for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX® is a registered trademark of Puma Biotechnology, Inc.

In September 2022, Puma entered into an exclusive license agreement for the development and commercialization of the anti-cancer drug alisertib, a selective, small molecule, orally administered inhibitor of aurora kinase A. Initially, Puma intends to focus the development of alisertib on the treatment of small cell lung cancer and breast cancer. In February 2024, Puma initiated ALISCA-Lung 1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive-stage small cell lung cancer.

Further information about Puma Biotechnology may be found at www.pumabiotechnology.com.

Forward-Looking Statements:

This press release contains forward-looking statements that involve risks and uncertainties that could cause Puma’s actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, which include, but are not limited to, the risk factors disclosed in the periodic and current reports filed by Puma with the U.S. Securities and Exchange Commission from time to time, including Puma’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Puma assumes no obligation to update these forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528591059/en/

Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc. +1 424 248 6500

info@pumabiotechnology.com

ir@pumabiotechnology.com



David Schull or Olipriya Das, Russo Partners +1 212 845 4200

david.schull@russopartnersllc.com

olipriya.das@russopartnersllc.com

Source: Puma Biotechnology, Inc.

FAQ

When will Puma Biotechnology join the Russell 3000 Index?

Puma Biotechnology will join the Russell 3000 Index on July 1, after U.S. markets open.

What is the significance of Puma Biotechnology joining the Russell 3000 Index?

The inclusion increases liquidity for Puma's stock and provides exposure to a broader base of institutional investors.

How long will Puma Biotechnology remain in the Russell 3000 Index?

Membership in the Russell 3000 Index is for one year, requiring annual re-evaluation.

What are the benefits of being included in the Russell 3000 Index for Puma Biotechnology stockholders?

Benefits include increased liquidity and broader exposure to institutional investors.

What criteria are used for inclusion in the Russell 3000 Index?

Inclusion is based on market capitalization rankings as of the end of April.