ITOS - Why iTeos Therapeutics Topped the Market Today
The stock market got off to a memorable start on the first trading day of 2022, but iTeos Therapeutics (NASDAQ: ITOS) had a particularly memorable day. Shares of the clinical-stage biotech rose by 1.9% to beat the frothy S&P 500 on the day, thanks to its inclusion in another high-profile equity index.
After market hours on Friday S&P Dow Jones Indices, the company that operates the closely tracked set of S&P indexes, announced that iTeos would become a component of its S&P SmallCap 600 index. The company is replacing Magellan Health , which if all goes according to plan will soon be absorbed by insurer Centene in an acquisition announced nearly one year ago and valued at $2.2 billion.
iTeos' graduation to the S&P Small Cap 600 Index will occur before the start of trading this Wednesday, Jan. 5.
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Why iTeos Therapeutics Topped the Market Today