NEW YORK (GenomeWeb News) – Following its semi-annual re-ranking, the Nasdaq Biotechnology Index has added Sequenom to the firms included in the Index.
Sequenom’s shares will start trading as part of the Index on Monday, Nov. 19.
The firm’s shares have more than doubled since mid-September, following the firm’s announcement that it had licensed technology from Harvard University that it will use to develop a nanopore-based sequencing platform that will be faster and cheaper than currently available technologies. Sequenom’s stock closed at $10.10 in Friday trade on the Nasdaq.
Sequenom was one of eight new firms added the Biotech Index, but it was the only non-therapeutics company added. The other seven firms are Beijing Med-Pharm, Cadence Pharmaceuticals, Eurand, Halozyme Therapeutics, Obagi Medical Products, Orexigen Therapeutics, and Theravance.
The seven firms dropped from the Biotech Index as a result of the re-ranking include Avanir Pharmaceuticals, Genta, Hollis-Eden Pharmaceuticals, NeoPharm, Northfield Labs, Oscient Pharmaceuticals, and Pharmacyclics.
Index criteria include listing on the Nasdaq Global Market or Nasdaq Global Select Market, and meeting minimum requirements for market value, average daily share volume, and seasoning as a public company.