Why Ocean Biomedical Shares Are Moving

Shares of biopharmaceutical company Ocean Biomedical, Inc. OCEA are trading higher after the company announced Thursday that it expects to be added to the Russell 2000 Index.

What To Know: Ocean Biomedical's addition to the Russell 2000 is part of an annual restructuring, which will go into effect after the U.S. market opens on June 26, 2023. A preliminary list of index additions was posted on May 19.

Ocean Biomedical licenses promising research from researchers to accelerate them into the clinic and develop them into high-impact medicines. The company's three programs include: cancer immunotherapy program, fibrosis therapeutic program, and malaria/infectious disease program.

EF Hutton analyst Tony Butler assumed Ocean Biomedical on Thursday with a Buy rating and announced a price target of $17.

Related Link: Why Wearable Devices Stock Is Rising

OCEA Price Action: Shares of OCEA were up 9.23% at $5.21 at the time of publication according to Benzinga Pro.

Image by Darko Stojanovic from Pixabay