Why iTeos Therapeutics Topped the Market Today
The stock market got off to a memorable start on the first trading day of 2022, but iTeos Therapeutics (NASDAQ: ITOS) had a particularly memorable day. Shares of the clinical-stage biotech rose by 1.9% to beat the frothy S&P 500 on the day, thanks to its inclusion in another high-profile equity index.
After market hours on Friday S&P Dow Jones Indices, the company that operates the closely tracked set of S&P indexes, announced that iTeos would become a component of its S&P SmallCap 600 index. The company is replacing Magellan Health, which if all goes according to plan will soon be absorbed by insurer Centene in an acquisition announced nearly one year ago and valued at $2.2 billion.
iTeos' graduation to the S&P Small Cap 600 Index will occur before the start of trading this Wednesday, Jan. 5.
Source Fool.com
