Fortress Biotech Added to Russell 3000® Index
Avenue Therapeutics (ATXI), a Fortress partner company, also added
NEW YORK, June 29, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on acquiring, developing and commercializing high-potential marketed pharmaceutical products and development-stage pharmaceutical product candidates, today announced that the company has been added to the Russell 3000® index, effective after the U.S. market opens today, following Russell’s annual reconstitution of its U.S. and global equity indexes.
Annual Russell indexes’ reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. FTSE Russell, a leading global index provider, determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “We are very pleased to join the Russell 3000® index, which we believe will increase the company’s visibility with investors and institutions. We continuously strive to enhance stockholder value as we acquire, develop and commercialize high-potential marketed pharmaceutical products and product candidates. Together with our partner companies, Fortress Biotech currently has a robust portfolio of five marketed prescription pharmaceutical products and over 25 programs in development. We also congratulate our partner company, Avenue Therapeutics, on its inclusion in the Russell 3000® index.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
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