Shares of biopharmaceutical company Ocean Biomedical, Inc. (NASDAQ:OCEA) are trading higher after the company announced Thursday that it expects to be added to the Russell 2000 Index.
What To Know: Ocean Biomedical’s addition to the Russell 2000 is part of an annual restructuring, which will go into effect after the U.S. market opens on June 26, 2023. A preliminary list of index additions was posted on May 19.
Ocean Biomedical licenses promising research from researchers to accelerate them into the clinic and develop them into high-impact medicines. The company’s three programs include: cancer immunotherapy program, fibrosis therapeutic program, and malaria/infectious disease program.
EF Hutton analyst Tony Butler assumed Ocean Biomedical on Thursday with a Buy rating and announced a price target of $17.
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OCEA Price Action: Shares of OCEA were up 9.23% at $5.21 at the time of publication according to Benzinga Pro.
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