At least two local drug firms were added to the Russell stock indexes when they were reconfigured last week, designed to provide a barometer for smaller stocks trading on the national exchanges.
La Jolla Pharmaceutical Co. (Nasdaq: LJPC), which develops therapies for life-threatening diseases, and Senomyx Inc. (Nasdaq: SNMX), which develops novel flavors for foods and beverages, were both added to the Russell Microcap Index comprising the smallest 1,000 securities in the Russell 2000 Index.
George Tidmarsh, La Jolla Pharmaceutical’s CEO, says he expects that inclusion in the index “will increase the liquidity of our stock and expose us to a wide range of institutions, investors and index funds that reference them.”
Inclusion on the microcap list also means the firms are now on the Russell 2000 and Russell 3000 lists.
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