Oruka Therapeutics to be Added to the Nasdaq Biotechnology Index (NBI)

Rhea-AI Summary

Oruka Therapeutics (Nasdaq: ORKA), a biotechnology company focused on developing novel biologics for chronic skin diseases treatment, has announced its upcoming addition to the Nasdaq Biotechnology Index (NBI). The inclusion will be effective before market open on December 23rd, 2024. This addition reflects Oruka's meeting of specific eligibility criteria, including minimum market capitalization requirements, average daily trading volume thresholds, and public company seasoning period. The NBI tracks performance of biotechnology and pharmaceutical companies listed on Nasdaq, using a modified capitalization-weighted methodology with annual evaluation in December.

Positive

• Addition to Nasdaq Biotechnology Index (NBI) increases visibility and potential institutional investment
• Company meets NBI's strict eligibility requirements for market cap, trading volume, and listing standards

Negative

• None.

MENLO PARK, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Oruka Therapeutics, Inc. (“Oruka”) (Nasdaq: ORKA), a biotechnology company developing novel biologics designed to set a new standard for the treatment of chronic skin diseases including plaque psoriasis, today announced that it is expected to be added to the Nasdaq Biotechnology Index (Nasdaq: NBI) (the “NBI”). Oruka’s addition will become effective prior to market open on Monday, December 23^rd, 2024.

The NBI is designed to track the performance of a set of securities listed on The Nasdaq Stock Market that are issued by companies classified as either biotechnology or pharmaceutical companies according to the Industry Classification Benchmark. Companies in the NBI must meet certain eligibility requirements, including, but not limited to, minimum market capitalization, average daily trading volume, and seasoning as a public company. The NBI is evaluated annually in December and is calculated under a modified capitalization-weighted methodology.

For more information about the NBI, visit: https://indexes.nasdaqomx.com/Index/Overview/NBI

About Oruka Therapeutics

Oruka Therapeutics is developing novel biologics designed to set a new standard for the treatment of chronic skin diseases. Oruka’s mission is to offer patients suffering from chronic skin diseases like plaque psoriasis the greatest possible freedom from their condition by achieving high rates of complete disease clearance with dosing as infrequently as once or twice a year. Oruka is advancing a proprietary portfolio of potentially best-in-class antibodies that were engineered by Paragon Therapeutics and target the core mechanisms underlying plaque psoriasis and other dermatologic and inflammatory diseases. For more information, visit www.orukatx.com and follow Oruka on LinkedIn.

Investor Contact: 
Alan Lada 
(650)-606-7911 
alan.lada@orukatx.com 

FAQ

When will Oruka Therapeutics (ORKA) be added to the Nasdaq Biotechnology Index?

Oruka Therapeutics will be added to the Nasdaq Biotechnology Index (NBI) prior to market open on Monday, December 23rd, 2024.

What requirements did Oruka Therapeutics (ORKA) meet to join the Nasdaq Biotechnology Index?

Oruka Therapeutics met the NBI's eligibility requirements including minimum market capitalization, average daily trading volume, and seasoning as a public company.

What is Oruka Therapeutics' (ORKA) main business focus?

Oruka Therapeutics is a biotechnology company developing novel biologics for the treatment of chronic skin diseases, including plaque psoriasis.

How often is the Nasdaq Biotechnology Index (NBI) that ORKA is joining evaluated?

The Nasdaq Biotechnology Index (NBI) is evaluated annually in December and calculated under a modified capitalization-weighted methodology.