Tenax Therapeutics (TENX) stock prices opened and closed at USD$1.90 on June 22nd, 2021. After-hours trading saw the stock surge by 21.05%, bringing it up to USD$2.30.
Russell Microcap Index
The company recently announced that it was set to join the Russell Microcap Index as of the culmination of the 2021 Russell indexes annual reconstitution effect, which should be in place as of the U.S markets opening on June 28th, 2021. The membership will remain in place for at least one year, pending repeated inclusion in the following year. Consequently, the membership entails automatic inclusion in relevant growth and value style indexes. Membership for its Russell indexes is determined by FTSE primarily on the basis of objective, market-cap rankings, and style attributes.
Scope of Inclusion
Membership into the Russell Microcap Index comes at a particularly opportune time for the company, as it continues to advance its two lead drug development programs, imatinib, and levosimendan. The programs are anticipated to progress to Phase 3 clinical trials soon. The next several months will also see the company welcome important research publications that will serve to support the company’s pioneering approach towards the treatment of Pulmonary Hypertension and Heart Failure with Preserved Ejection Fraction.
Advantages of Inclusion
Inclusion in the index means increased visibility of the company among institutional investors during a critical stage of the company’s development. The Russell indexes are broadly used for index funds and as benchmarks for active investment strategies by investment managers and institutional investors. There are currently almost USD$10.6 trillion worth of assets benchmarked against Russell’s US indexes, which are a part of Russell indexes, a leading global index provider.
FTSE Russell
FTSE Russell provides innovative benchmarking, analytics, and data solutions for a global consumer-base of investors. Russell calculate a massive number of indexes that serve to measure and benchmark markets and asset classes spanning more than 70 countries. 98% of the investable market on a global scale is covered by FTSE Russell.
Future Outlook for TENX
Armed with the significant achievement that will open many more doors for the company, TENX is poised to capitalize on the opportunities afforded to it. The company is keen to continue its trajectory of success and usher in further growth. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
