Why Avid Bioservices Stock Surged 14% Today
The stock market's relatively smaller companies dream of inclusion on a major equity index, as it raises their visibility and puts them on the radar of index funds. Tuesday was Avid Bioservices' (NASDAQ: CDMO) turn in the spotlight. News that the company will soon be a component of a notable index sent its shares 14% higher on the day.
Effective prior to the start of trading this Friday, Oct. 29, Avid will join the S&P SmallCap 600 index. It is replacing current index component Cadence Bancorporation, as that company is being acquired by peer financial sector company BancorpSouth. The deal is likely to close at, or close to, that date.
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Source Fool.com
