Why Tonix Pharmaceuticals Holdings Was a Winner on Wednesday

Tonix Pharmaceuticals Holding (NASDAQ: TNXP), a notable meme stock in the biotech sphere, was a standout even on a good Wednesday for the broader market. The company's shares rocketed more than 9% higher on news of its inclusion in a key industry stock index.

Effective next Monday, Dec. 20, Tonix will be a component stock of the Nasdaq Biotechnology Index. Once every year, this collection of biotech titles gets a "reconstitution" to better represent the sector. While it's quite a big index -- at the moment, it's comprised of 265 companies -- inclusion in the club confers quite a bit of prestige among investors.

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Source Fool.com