Progenics Pharmaceuticals Inc. in Greenburgh on Monday was added to the NASDAQ Biotechnology Index.
The index tracks the performance of a set of securities listed on the NASDAQ stock market that are classified by industry as either biotechnology or pharmaceuticals. It is a modified market capitalization weighted index. Companies must meet eligibility criteria that include a market capitalization of at least $200 million and average daily trading volume of at least 100,000 shares.
Index stocks are evaluated semiannually in May and November and serve as the basis for the iShares NASDAQ Biotechnology Index Fund, which seeks investment results that correspond generally to price and yield performance, before fees and expenses, of the NASDAQ Biotechnology Index. Options based on the NASDAQ Biotechnology Index and the iShares NASDAQ Biotechnology Index Fund trade on various exchanges.
Headquartered on the Landmark at Eastview life sciences campus, Progenics Pharmaceuticals Inc. develops drugs for oncology. Its first commercial product, Relistor, is used to treat for opioid-induced constipation in terminally ill cancer patients.