Nemaura Medical Inc (NASDAQ:NMRD), the company behind the non-invasive continuous glucose monitor sugarBEAT, announced Tuesday that it is set to join the small-cap specific Russell 2000 Index and the broad-market Russell 3000 Index after the annual reconstitution of the Russell stock indexes which takes effect on June 29.
“Inclusion in the Russell Indexes is an important milestone and will increase the overall awareness and exposure of our stock within the investment community,” Nemaura Medical CEO Faz Chowdhury said in a statement.
“Broader exposure to the investment community comes at an ideal time for Nemaura as we move forward with product sales in the coming months and quarters,” he added.
The Loughborough, UK-based medtech company is eyeing explosive growth with SugarBEAT, which has already launched in the UK, and is actively looking at plans for commercialization across the rest of Europe.
Nemaura also recently announced plans for a 2020 US launch of proBEAT, a product designed to help users improve their knowledge of how a range of lifestyle, dietary and health and wellbeing factors impact their sugar levels by deploying sugarBEAT to act like a black box flight recorder.
The small-cap specific Russell 2000 Index has performed strongly over the past three months. The Russell 2000 recorded a low of 966.22 on March 18 after entering the coronavirus-led bear market on March 9. However, from March 18 to June 4, the index has soared 50.3%, surpassing the performances of its three US large-cap centric major peers — the Dow Jones Industrials Average, the S&P 500 and the Nasdaq Composite — which have gained around 40% during the same period.
The annual reconstitution of the broad-market Russell 3000 Index captures 3,000 of the largest US stocks, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 Index and the next 2,000 companies constitute the Russell 2000 Index, which together comprise the Russell 3000 Index.
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