PLYMOUTH MEETING, PA — Biotechnology firm INOVIO (NASDAQ: INO) has been readded to the Russell 2000® Index as part of the annual reconstitution of the Russell stock indexes. This change took effect after U.S. equity markets closed on June 28, 2024.
Dr. Jacqueline Shea, President and CEO of INOVIO, hailed this development as a milestone. “The last year has been transformational for INOVIO thanks to our strategic vision focused on advancing late-stage candidates, particularly our lead candidate INO-3107 for RRP,” said Dr. Shea. She added that the inclusion in the Russell 2000 underscores the value of their progress and their commitment to the next phase of their strategy.
Strategic Milestones
INOVIO plans to submit a Biologics License Application (BLA) for INO-3107 under the FDA’s accelerated approval pathway in the second half of 2024. If approved, they aim to be ready for commercial launch in 2025. Besides INO-3107, the company is advancing other product candidates. These include INO-3112 for head and neck cancer, INO-5401 for glioblastoma multiforme (GBM), and INO-4201 as an Ebola vaccine booster.
Russell 2000 and Market Impact
The Russell 2000 Index, part of the broader Russell US Indexes, captures the 4,000 largest U.S. stocks ranked by total market capitalization. Membership in the Russell 3000® Index, which lasts for one year, ensures automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with the applicable growth and value style indexes. FTSE Russell determines membership based on objective market-capitalization rankings and style attributes.
Russell Indexes are crucial tools for investment managers and institutional investors. They are used for index funds and serve as benchmarks for active investment strategies. As of December 2023, about $10.5 trillion in assets were benchmarked against the Russell U.S. indexes, managed by FTSE Russell, a leading global index provider.
Looking Ahead
The readdition to the Russell 2000 signifies investor confidence in INOVIO’s future. The company is poised to share further progress on its pipeline as the year progresses. With strategic milestones ahead and a robust pipeline of candidates, INOVIO aims to continue its trajectory of growth and innovation in the biotechnology sector.
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