CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced that it was added to the Russell 3000
and Russell 2000
Indexes when the Russell Investment Group reconstituted its family of U.S. indexes after the stock market close on June 27, 2014.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000
, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000
Index or small-cap Russell 2000
Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
"We continue to build meaningful value at CytRx and this addition to the Russell 2000 and Russell 3000 Indexes creates an opportunity to increase our overall visibility and broaden our shareholder base," said Steven A. Kriegsman, CytRx President and Chief Executive Officer. “Our addition to these widely recognized indices could add important liquidity to our stock and enhance overall shareholder value.”
The Russell 3000
also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Approximately $5.2 trillion in assets are benchmarked to the Russell Indexes. Russell calculates more than 700,000 benchmarks daily covering approximately 98 percent of the investable market globally, more than 80 countries and 10,000 securities. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.