Mind Medicine (MindMed) Inc (NASDAQ: MNMD) recently announced that it has successfully been added to the FTSE Russell 3000® index. Russell 3000® index measures the performance of the largest 3,000 corporate houses in the U.S. The corporate house is a psychedelic-inspired medicine company.
Russell indexes are benchmarks for planning and implementing active investment strategies
The Russell indexes are a part of the FTSE Russell, which is a leading global index provider. The Russell indexes are regarded as benchmarks for planning and implementing active investment strategies. A large section of investment managers and institutional investors use the Russell indexes.
Robert Barrow, Chief Executive Officer of Mind Medicine (MindMed) Inc, said, “Being included in mature and credible indexes like the FTSE Russell 3000® is a true honor. As we continue building MindMed and continue to achieve our important capital market and development milestones, our entire team remains dedicated and motivated to deliver on the potential positive change we can bring to the treatment of mental health and addiction in the years ahead,” Barrow said.
FTSE Russell determines membership to Russell indexes
The routine Russell indexes procedure takes notes of as many as 4,000 most extensive U.S. stocks in May. The individual stocks are ranked based on total market capitalization. Concurrently, once a stock finds its way in the form of membership in the U.S. all-cap Russell 3000® Index, the individual stock will continue to remain in place for one year. The same automatically qualifies the stock to be included in the large-cap Russell 1000 Index or small-cap Russell 2000 Index. Membership for Russell indexes is determined by FTSE Russell considering factors like solely by objective, market-capitalization rankings, and style attributes.
Mind Medicine (MindMed) Inc is a biotech company involved in discovering and developing psychedelic medications and therapies used for addiction and mental illness. The company is working on developing the next generation of psychedelic-inspired medicines and therapies. On the other hand, FTSE Russell is a global index provider involved in creating and managing a spectrum of indexes, a wide range of data, and analytic solutions. The company caters to a broad spectrum of clients.