NEW YORK (GenomeWeb News) - Nasdaq said Friday that it has dropped Gene Logic from its Biotechnology Index after a semi-annual review of biotechnology companies.
According to the Nasdaq website, companies listed on the Biotechnology Index must maintain a market capitalization value of more than $200 million, an average daily trading volume of at least 100,000 shares, and must meet certain other criteria.
Gene Logic's market cap is currently listed at $48.6 million with volume of 15,872 shares.
Nasdaq reviews and ranks its biotechnology index companies in May and in November. Eligible companies must meet minimum requirements for "market value, average daily share volume and seasoning as a public company.”