Protagonist Therapeutics is poised to join the S&P SmallCap 600 next Wednesday, replacing copper and aluminum wire manufacturer Encore Wire.
The news sent Protagonist stock flying 8.9% to 34.65.
Protagonist Therapeutics is a clinical-stage biotech company working on treatments for blood disorders and immunological diseases. It's partnered with Takeda Pharmaceutical and Johnson & Johnson's Janssen division on its two leading drugs.
Shares recently broke out of a cup-with-handle base, topping a buy point at 32.64, MarketSurge chart analysis shows. Protagonist Therapeutics stock later fell as much as 6% below that entry on June 26. But the news Friday sent shares surging above that buy point again.
Notably, Protagonist stock has a strong Relative Strength Rating of 93 out of a total 99. This means the biotech stock ranks in the leading 7% of all stocks when it comes to 12-month performance, according to IBD Digital.
Protagonist Therapeutics stock also lands on the Russell 2000.
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