BOCA RATON, FL – INmune Bio Inc. (NASDAQ: INMB), a clinical-stage biotechnology company, will be included in the Russell 3000 Index starting from July 1, following the annual reconstitution of the Russell US Indexes. The inclusion was announced after a preliminary list of additions was made public on Friday, May 24.
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The reconstitution process is based on market capitalization and style attributes, with the aim to accurately reflect market segments. Companies listed in the Russell 3000 are automatically included in either the large-cap Russell 1000 or small-cap Russell 2000 Index, as well as in appropriate growth and value style indexes.
Dr. Raymond J. Tesi, CEO of INmune Bio, expressed his enthusiasm about the company's inclusion in the index, highlighting it as a reflection of the team's hard work and dedication. He also noted the potential benefits of increased visibility within the investment community and a broader shareholder base.
FTSE Russell, the global index provider responsible for the Russell indexes, emphasizes the importance of annual rebalancing to maintain accurate benchmarks. Fiona Bassett, CEO of FTSE Russell, remarked on the role of annual rebalancing in reflecting the dynamic U.S. economy.
INmune Bio focuses on developing treatments that target the innate immune system to fight diseases such as Early Alzheimer’s disease, treatment-resistant depression, and metastatic castration-resistant prostate cancer. The company's product platforms, including the Dominant-Negative Tumor Necrosis Factor and Natural Killer Cell Priming Platform, are currently undergoing clinical trials.
It is important to note that the company's products are still in clinical trials and have not received approval by the U.S. Food and Drug Administration (FDA) or any regulatory body. The outcomes of these trials and the timing of events are subject to risks and uncertainties.
The information for this article is based on a press release statement from INmune Bio Inc.
InvestingPro Insights
As INmune Bio Inc. (NASDAQ: INMB) celebrates its inclusion in the Russell 3000 Index, the company's financial metrics and analysts' expectations provide a broader picture of its market position. With a market capitalization of $190.9 million, INMB is navigating a challenging phase, reflected in analysts' anticipation of a sales decline and an expected drop in net income in the current year.
InvestingPro data indicates a significant revenue contraction, with a decrease of 47.39% in the last twelve months as of Q1 2024. The company's Price / Book ratio stands at 6.76, indicating a high valuation multiple compared to its book value. Additionally, the P/E Ratio (Adjusted) for the same period is -5.53, underscoring the earnings challenges INMB faces.
InvestingPro Tips suggest that INMB holds more cash than debt, which could provide some financial flexibility. Still, the stock has experienced considerable volatility, with a 1-month price total return of -18.5% as of the date provided. Analysts are not optimistic about profitability in the near term, as the company does not pay dividends and is trading at high revenue and book valuation multiples.
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