NEW HOPE, PA — Orchestra BioMed Holdings (Nasdaq: OBIO) has been added to the Russell 3000 and Russell 2000 indexes, a move that could increase the company’s visibility among institutional investors and index funds that track the widely followed benchmarks.
The biomedical technology company joined the indexes following the completion of the annual Russell reconstitution, effective after U.S. markets closed on June 26.
Membership in the Russell 3000 automatically includes the company in the small-cap Russell 2000 and corresponding growth and value indexes until the next reconstitution.
The annual rebalancing process ranks the 4,000 largest publicly traded U.S. companies by market capitalization as of April 30 and is administered by FTSE Russell.
Inclusion in the Russell indexes can increase demand for shares as index-tracking funds and other investment vehicles adjust their holdings to mirror benchmark compositions.
Russell’s U.S. indexes serve as benchmarks for approximately $12.2 trillion in assets managed by institutional investors and investment funds.
Orchestra BioMed develops medical technologies through partnership-based commercialization agreements designed to share development risks and potential returns with larger industry partners.
The company said its Russell index membership will remain in effect until the next annual reconstitution.
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