Tevogen Bio Set to Join Russell 3000® Index
Tevogen Bio Holdings (Nasdaq: TVGN) will join the Russell 3000® Index following the 2024 Russell US Indexes annual reconstitution, effective July 1. This inclusion reflects Tevogen's market capitalization among the 4,000 largest U.S. stocks as of April 30. Membership in the Russell 3000® Index entails automatic inclusion in the Russell 1000® or Russell 2000® Index, enhancing visibility among investment managers. Tevogen Bio focuses on developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology. CEO Dr. Ryan Saadi anticipates this will benefit both patients and investors.
- Inclusion in the Russell 3000® Index enhances Tevogen Bio's visibility among a broader investment community.
- Automatic inclusion in the Russell 1000® or Russell 2000® Index, improving exposure to large-cap and small-cap investors.
- Membership in widely used benchmarks for index funds, aiding in attracting institutional investors.
- Tevogen Bio’s market capitalization ranked among the 4,000 largest U.S. stocks as of April 30.
- Joining the Russell 3000® Index does not guarantee improved financial performance.
- Market conditions and external economic factors could still negatively impact stock performance despite increased visibility.
- Potential market volatility surrounding the reconstitution period might affect stock price stability.
Insights
The inclusion of Tevogen Bio in the Russell 3000® Index is noteworthy for several reasons. Firstly, it signifies the company has reached a market capitalization that places it among the largest 4,000 US stocks, a recognition of its growth and stability. For retail investors, this inclusion often leads to increased demand for the stock because many institutional investors and index funds track these indexes.
Another critical aspect to consider is liquidity. Being part of the Russell 3000® Index will likely boost the stock's liquidity, making it easier to buy and sell shares without significantly affecting the price. This visibility often attracts a broader base of investors, which is advantageous for both short-term and long-term perspectives.
However, inclusion in the index does not inherently mean the company is a solid investment. Investors should still evaluate Tevogen Bio based on its fundamentals, clinical pipeline and market potential. While the inclusion might enhance the stock's profile, it shouldn't be the sole reason for investment.
From a market research perspective, Tevogen Bio's entry into the Russell 3000® Index expands its market visibility, which can be important for a clinical-stage biotech company. This broader exposure can help in attracting potential partnerships and collaborations, which are essential in the biotech industry for funding and advancing clinical trials.
Moreover, the association with a high-profile index like the Russell 3000® provides a level of credibility and prestige that can be leveraged in marketing and investor relations. This could potentially lead to a more robust investor sentiment and higher stock valuation. However, the company's future performance will heavily depend on its ability to achieve milestones in its clinical trials and bring products to market.
It's important to note that while the inclusion can drive positive sentiment, retail investors should remain cautious and consider the risks inherent in biotech investments, such as regulatory hurdles and clinical trial outcomes.
WARREN, N.J., June 12, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio Holdings Inc. (“Tevogen” or “Tevogen Bio”) (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech pioneer developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology, is set to join the broad-market Russell 3000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, according to a preliminary list of additions posted Friday, May 24.
The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Membership in the US all-cap 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.
“We are pleased to be included in the Russell Index and welcome the increased visibility by the investment community as we remain committed to driving scientific and business excellence. Our mission, to offer personalized T cell therapeutics which are economically viable, should benefit patients while our commercially attractive model should benefit institutional and retail investor alike,” commented Dr. Ryan Saadi, Tevogen Bio Founder and CEO.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about
Fiona Bassett, CEO of FTSE Russell, an LSEG Business, comments, “Russell indexes–now in their 40th year–continue to evolve to reflect the dynamic US economy. Annual rebalancing plays a vital role in establishing accurate benchmarks, ensuring they correctly mirror their designated market segments and remain unbiased in terms of size and style.”
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 Tevogen Bio
Tevogen is a clinical-stage specialty immunotherapy company harnessing one of nature’s most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents and twelve pending patents, two of which are related to artificial intelligence.
Tevogen is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.
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 https://www.lseg.com/en/ftse-russell.
Contacts
Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com
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