NEW YORK (GenomeWeb) — Foundation Medicine said today that the company has been added to the Nasdaq Biotechnology Index.
The index tracks Nasdaq-listed securities that are classified as either biotechnology or pharmaceutical by the Industry Classification Benchmark. The index, which is reranked each year, is also the basis for the iShares Nasdaq Biotechnology Index Fund. The fund seeks investment results corresponding generally to the price and yield performance of the Nasdaq Biotechnology Index, and options based on the index fund trade on various exchanges.
A total of 44 firms were added to the index, while eight were removed, including Cellular Dynamics International.
In morning trading on Tuesday, shares of Foundation Medicine were up a fraction of 1 percent at $21.01.