Reneo Pharmaceuticals Added to the Russell 2000® and Russell 3000® Indices
Rhea-AI Summary
Reneo Pharmaceuticals (NASDAQ: RPHM) has been included in the Russell 3000 Index following the 2021 annual reconstitution, effective June 28, 2021. This inclusion signifies automatic entry into the large-cap Russell 1000 Index or small-cap Russell 2000 Index, enhancing visibility among institutional investors. The Russell indexes track approximately $10.6 trillion in assets, serving as benchmarks for numerous investment strategies. Reneo is developing REN001, aimed at treating rare genetic mitochondrial diseases by boosting ATP production.
Positive
- Inclusion in the Russell 3000 Index enhances visibility and credibility among institutional investors.
- Automatic entry into Russell 1000 or Russell 2000 Index indicates established market presence.
- Potential for increased investment as a result of index inclusion.
Negative
- None.
News Market Reaction – RPHM
In the trading session that priced this news, RPHM declined 2.60%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN DIEGO, June 29, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ: RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, joined the broad-market Russell 3000 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the close of the markets on June 28, 2021.
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.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately
About Reneo Pharmaceuticals
Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Reneo is developing REN001 to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation and may increase production of new mitochondria.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Reneo’s clinical trials, and the regulatory approval path for REN001. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will,” “believes,” “anticipates,” “expects,” “intends,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Reneo’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Reneo’s business in general, and the other risks described in Reneo’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Reneo undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Contacts
Joyce Allaire
Managing Director
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
Vinny Jindal
Chief Financial Officer
Reneo Pharmaceuticals, Inc.
vjindal@reneopharma.com