Avadel Pharmaceuticals plc (NASDAQ: AVDL) has announced its inclusion in the Russell 3000® Index, effective from the open of US equity markets on Monday, July 1, 2024. This marks a significant milestone for the company, as it signifies enhanced visibility and exposure. Avadel's CEO, Greg Divis, expressed pride in the company's inclusion and emphasized the potential for creating long-term value for stockholders.
The Russell US Indexes reconstitution, which took into account the 4,000 largest US stocks as of April 30, 2024, ranked these companies by total market capitalization. As a result of its inclusion in the Russell 3000® Index, Avadel Pharmaceuticals will also be automatically included in the small-cap Russell 2000® Index or the large-cap Russell 1000® Index, as well as the appropriate growth and value style indexes.
The Russell Indexes are widely utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of the end of December 2023, approximately $10.5 trillion in assets are benchmarked against the Russell US Indexes, highlighting the significance of Avadel's inclusion in these indexes.
This news comes as Avadel continues its commercial launch of Lumryz, furthering its commitment to transformational medicines and the creation of long-term value for its stakeholders. The market has reacted to these announcements by moving the company's shares -0.2% to a price of $14.31. If you want to know more, read the company's complete 8-K report here.
