NKTR - Nektar Therapeutics slips PacWest Bancorp gains on S&P index moves

2023-03-29 17:24:32 ET

• Nektar Therapeutics ( NASDAQ: NKTR ) slipped 6.4% postmarket Wednesday following news that it would be removed from the S&P SmallCap 600 index.
• The stock is getting bumped as part of a cascade of moves tied to adding new Crane ( NYSE: CR ) - a spin-off from current MidCap 400 constituent Crane Holdings that will enter the MidCap 400 itself. (After the spin-off, Crane Holdings will change its name to Crane NXT and its symbol to CXT and remain in the MidCap 400; current Crane was up 2.4% postmarket Wednesday.)
• That results in PacWest Bancorp ( NASDAQ: PACW ) being shuffled down to the SmallCap 600. PacWest stock ( PACW ) was up 4% after hours Wednesday.
• The moves are effect prior to the open of trading on Tuesday, April 4 .

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