Shares in Pacific Edge rallied after the cancer diagnostics company said it would be included in the S&P/NZX 50 Indices from October 21.
The stock last traded at 74c, up nine cents or 13.9 per cent from Tuesday’s close.
Pacific Edge said it would also be added to the NZX MidCap indices and removed from NZX SmallCap Index.
“This is another positive step for Pacific Edge as we build on the commercial milestones we have successfully achieved, particularly in the multi-billion dollar United States market,” Pacific Edge Chairman, Chris Gallaher, said.
“Index inclusion will increase our relevance to New Zealand and offshore investors and there are a number of funds that are mandated to hold stock of those companies that are in the NZX50,” he said.
Pacific Edge will replace Metlifecare which is being removed from the indices, subject to final Court Approval of the scheme of arrangement whereby Metlifecare will be acquired by Asia Pacific Village Group.
Early this year, the company’s share price more than doubled on confirmation of acceptance under a key US medical regulation for its Cxbladder cancer test.