Psychedelics-Focused MindMed Joins FTSE Russell 3000 Index, 'A True Honor'

A psychedelics-focused medicine company MindMed (NASDAQ: MNMD) reported Monday that has been added to the FTSE Russell 3000 index, effective June 25th. The FTSE Russell 3000 index measures the performance of the 3,000 largest companies in the United States.

As part of its reconstitution process, every May Russell lists the 4,000 biggest US stocks, ranked by their market capitalization. Under the membership in the US all-cap Russel 3000 Index, which lasts one year, the company is automatically included in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as suitable growth and value style indexes.

FTSE Russell chooses members for its Russell indexes based on market capitalization, objective

and style qualities.

“Being included in mature and credible indexes like the FTSE Russell 3000® is a true honor,” MindMed CEO Robert Barrow said. “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.”

Institutional investors and investment managers often rely on Russell indexes as benchmarks for their investment strategies. Around $10.6 trillion in assets are benchmarked against Russell’s US indexes.

Price Action

MindMed shares were trading 4.97% lower at $3.63 per share at the time of writing.

Photo by Christopher Ott on Unsplash