iBio (IBIO) Stock Climbs On Russell Index Inclusion

iBio IBIO Stock News

iBio Inc (NYSEAMERICAN: IBIO) is making a run for the top in the market this morning, trading on gains of more than 60% with extremely heavy premarket volume. The gains come after the company announced that it will be included in two Russell Indexes. Here’s what’s going on:

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IBIO Stock Rockets After Being Added To Russell Indexes

In the press release, iBio said that it will be added to the Russell 2000 and Russell 3000 indexes as part of this year’s reconstitution. In the release, the company said that it will be added after markets open on June 29, 2020.

In the release, IBIO explained that FTSE Russell is a global index provider. The company makes a wide range of indexes available that are often used to measure and analyze global markets.

Importantly, Russell Indexes are widely accepted by institutional investors for their integrity and usability. The Russell 3000 measures the performance of the largest 3,000 publicly-traded companies in the United States while the Russell 2000 is the most common benchmark for small capitalization companies.

In a statement, Tom Isett, Chairman and CEO at IBIO, had the following to offer:

Being included among the companies that comprise the Russell indexes is a significant milestone for iBio, which, we believe reflects the significant progress we have made towards building shareholder value over the past few months. Since December 1, 2019, we have launched our FastGlycaneering Development Service™; supported initiatives for the development of bioinks for 3D bioprinting; and expanded business collaborations with two partners for the development of a bio-better rituximab.

Additionally, we recapitalized the Company and began implementing our hiring plan so as to prepare to advance IBIO-100 for the treatment of fibrotic diseases while adding more proprietary products to our portfolio. To that end, when the COVID-19 pandemic began to emerge, we quickly responded by designing two novel vaccines against SARS-CoV-2. Shortly thereafter, we demonstrated manufacturability of both platforms, signed key partnerships with providers of preclinical testing services and adjuvant technologies, and gained support from industry leaders in clinical trials data management. With preclinical immunization data for our IBIO-200 and IBIO-201 COVID-19 vaccine candidates expected in Q3-2020, we see potential additional value-creating milestones in the near term.

This Is Big News

The news that iBio has been added to these Russell Indexes is big news for the company and its investors. The inclusion in these indexes is likely to further increase investor awareness. Not to mention, inclusion is a feather in the cap for the work that the company has been doing.

Of course, increased investor awareness, mixed with the accolade that is inclusion is great news for the company and its investors, making IBIO a stock that’s well worth watching.

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