Skip to content

Incyte moves to S&P 500

February 25, 2017

Shares of Incyte closed more than 7 percent higher Friday, on news that the pharmaceutical company will join the S&P 500.

Drug development company Incyte will replace Spectra Energy on the S&P 500, effective at the open of trading next Tuesday, S&P Dow Jones Indices said in a press release on Friday.

Such index changes require fund managers whose investments track the S&P 500 to reallocate their holdings, including buying shares of stocks being added to the benchmark index.

Spectra is leaving the S&P 500 given its pending acquisition by Canada-based Enbridge, an oil and gas pipeline operator, the release said. U.S.-listed shares of Enbridge were 1 percent lower Friday, while Spectra traded little more than 0.5 percent lower.

Incyte specializes in oncology products and will be added to the S&P 500’s biotechnology sub-industry index, according to the release.

Incyte shares hit a 52-week high Friday and are up about 30 percent for the year so far.

Incyte year-to-date performance

Source: FactSet

http://cnb.cx/2lRbWa5

Advertisements

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: