CorMedix Inc. Added to Nasdaq Biotechnology Index
Rhea-AI Summary
CorMedix Inc. (CRMD) has announced its upcoming addition to the Nasdaq Biotechnology Index (NBI), effective before market open on Monday, December 23, 2024. The NBI is a modified market capitalization weighted index tracking NASDAQ-listed biotechnology and pharmaceutical companies. Inclusion in the index is based on specific eligibility criteria, including minimum market capitalization and average daily trading volume requirements. The index undergoes annual reconstitution in December.
Positive
- Addition to Nasdaq Biotechnology Index increases visibility to institutional investors
- Potential for increased trading volume and liquidity due to index fund inclusion
- Recognition of meeting market cap and trading volume requirements for index inclusion
Negative
- None.
News Market Reaction
On the day this news was published, CRMD gained 9.24%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BERKELEY HEIGHTS, N.J., Dec. 19, 2024 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announced it will be added to the Nasdaq Biotechnology Index (Nasdaq: NBI) (the “NBI”). CorMedix’s addition to the NBI will become effective prior to the market open on Monday, December 23, 2024.
The NBI is designed to track the performance of a set of securities listed on The NASDAQ Stock Market® (NASDAQ®) that are classified as either biotechnology or pharmaceutical companies and is a modified market capitalization weighted index. The NBI is reconstituted annually in December in accordance with a set of eligibility criteria including minimum market capitalization and average daily trading volume, among other criteria.
For more information about the NBI, visit: https://indexes.nasdaqomx.com/Index/Overview/NBI
About CorMedix
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. The Company is focused on commercializing its lead product DefenCath® (taurolidine and heparin) which was approved by the FDA on November 15, 2023. CorMedix commercially launched DefenCath in inpatient settings in April 2024 and in outpatient settings in July 2024. CorMedix also intends to develop DefenCath as a catheter lock solution for use in other patient populations. For more information visit: www.cormedix.com.
Investor Contact:
Dan Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576
FAQ
When will CorMedix (CRMD) be added to the Nasdaq Biotechnology Index?
What are the requirements for CRMD to join the Nasdaq Biotechnology Index?
How often is the Nasdaq Biotechnology Index reconstituted?
What type of index weighting does the NBI use for stocks like CRMD?
