deCODE falls from NASDAQ grace

The NASDAQ giveth and the NASDAQ taketh away, especially if you're a biotechnology company. While California-based linkurl:Celera Genomics;http://www.the-scientist.com/blog/display/55142/ made it onto the semi-annually updated NASDAQ Biotechnology Index (NBI), Iceland biotech linkurl:deCODE Genetics;http://www.the-scientist.com/blog/display/55089/ was booted off of the NBI after the company's stock price plunged this fall, linkurl:GenomeWeb;http://www.genomeweb.com/issues/news/150778-1.html?CMP

By | November 18, 2008

The NASDAQ giveth and the NASDAQ taketh away, especially if you're a biotechnology company. While California-based linkurl:Celera Genomics;http://www.the-scientist.com/blog/display/55142/ made it onto the semi-annually updated NASDAQ Biotechnology Index (NBI), Iceland biotech linkurl:deCODE Genetics;http://www.the-scientist.com/blog/display/55089/ was booted off of the NBI after the company's stock price plunged this fall, linkurl:GenomeWeb;http://www.genomeweb.com/issues/news/150778-1.html?CMP=OTC-RSS reported today (Nov. 18). NASDAQ ranks biotech companies in May and September every year. The rankings are based on several criteria, including having at least $100 million in market capitalization, an average daily trading volume of at least 50,000 shares, and a net worth of at least $5 million. The linkurl:current rankings;http://dynamic.nasdaq.com/dynamic/nasdaqbiotech_activity.stm list 145 companies, including heavy hitters linkurl:Amgen Inc.,;http://www.the-scientist.com/article/display/19256/ linkurl:Affymetrix Inc.;http://www.the-scientist.com/news/display/52891/ and linkurl:Invitrogen Corp.;http://www.the-scientist.com/blog/display/55183/ deCODE's stock price dropped to $0.54 last month - below the $1 threshold set for NASDAQ listing. The company was given 180 days to pull that figure up, but as yet has not. One share in deCODE was trading at $0.32 as of 1 PM Eastern time today. The new listing, with the addition of Celera and the omission of deCODE, will take effect when the market opens on November 24.
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