DURHAM, N.C. - Precision BioSciences, Inc. (NASDAQ:DTIL), a gene editing company, has been added to the Russell Microcap® Index, as announced today. The inclusion, effective after U.S. markets closed on Thursday, June 28, 2024, is part of the 2024 Russell indexes annual reconstitution.
The Russell Microcap® Index is a segment of the Russell indexes that captures the 4,000 largest U.S. stocks as of April 30, ranking them by total market capitalization. Precision BioSciences' admission to the index ensures its automatic inclusion in the appropriate growth and value style indexes for one year.
Michael Amoroso, CEO of Precision BioSciences, expressed confidence that the index inclusion will increase visibility among global investors and drive interest as the company advances its gene editing programs.
Precision BioSciences utilizes its proprietary ARCUS® genome editing platform to develop in vivo gene editing therapies. The platform's capabilities include sophisticated gene edits such as gene elimination, insertion, and excision. The company's goal is to provide lasting cures for a wide range of genetic and infectious diseases where adequate treatments are currently unavailable.
The Russell indexes, managed by FTSE Russell, serve as benchmarks for approximately $10.5 trillion in assets as of December 2023. These indexes are commonly used by investment managers and institutional investors for creating index funds and as a gauge for active investment strategies.
FTSE Russell, a global index provider, is responsible for index design and governance, applying industry standards and transparent, rules-based methodology. It is a wholly-owned subsidiary of the London Stock Exchange Group (LON:LSEG).
This announcement is based on a press release statement from Precision BioSciences.
In other recent news, Precision BioSciences has made significant strides in its HBV treatment research. The gene editing company revealed preclinical data for its PBGENE-HBV candidate, which shows promise in targeting HBV DNA without affecting the human genome. This development advances the candidate to clinical trials for potential chronic hepatitis B treatment. The company plans to submit an Investigational New Drug Application for PBGENE-HBV in 2024.
In addition, Precision BioSciences recently completed a private stock sale to its senior leadership team. The transaction, which totaled $300,000, will fund ongoing research and development efforts.
Furthermore, Precision BioSciences' partner iECURE has been granted FDA Fast Track designation for its gene therapy candidate ECUR-506. This therapy aims to treat neonatal onset Ornithine Transcarbamylase deficiency, a genetic disorder that can lead to severe neurological damage. The company's ARCUS platform is used to develop in vivo gene editing therapies, including ECUR-506.
These are recent developments in Precision BioSciences' ongoing efforts to advance gene editing therapies.
InvestingPro Insights
Precision BioSciences, Inc. (NASDAQ:DTIL) has recently been recognized by its inclusion in the Russell Microcap® Index, which may signal to investors a milestone in the company's market capitalization growth. To offer further insights into the company's financial health and stock performance, we turn to data and tips from InvestingPro.
InvestingPro Data reveals that Precision BioSciences holds a market capitalization of 67.39 million USD, which aligns with the company's entry into the Russell Microcap® Index. Despite a notable revenue growth of 88.25% in the last twelve months as of Q1 2024, the company's P/E ratio stands at -1.42, reflecting challenges in profitability. Additionally, the stock price has experienced significant volatility, with a 24.57% decrease over the past month and a 38.34% decline over the past year.
InvestingPro Tips highlight that Precision BioSciences is managing its liquidity effectively, with cash reserves surpassing debt on its balance sheet. However, the company is rapidly depleting its cash reserves, which is a point of concern for investors considering the company's ambitious gene editing programs. Analysts also do not expect the company to be profitable this year and anticipate a sales decline, which could impact investor sentiment.
For investors seeking a deeper dive into Precision BioSciences' financial metrics and stock performance, InvestingPro offers additional tips that can be accessed at https://www.investing.com/pro/DTIL. There are currently 11 additional InvestingPro Tips available, which can be unlocked with an exclusive offer. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a valuable tool for informed investment decisions.
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