Why Neurocrine Biosciences Stock Jumped Today
Shares of Neurocrine Biosciences (NASDAQ: NBIX) were jumping 12.5% higher as of 3:22 p.m. EDT on Thursday. The big gain came after it was announced that Neurocrine will replace O-I Glass in the S&P MidCap 400 Index.
The addition of the biotech stock to the S&P MidCap 400 Index means that any funds tracking this index must buy shares of Neurocrine. This prospect of significant buying is music to the ears of Neurocrine shareholders.
Image source: Getty Images.
Source Fool.com