Azenta Inc. (AZTA) saw its stock price jump 6.31% in after-hours trading on Tuesday, following the announcement that the company will be removed from the S&P MidCap 400 index and added to the S&P SmallCap 600 index, effective prior to the market open on November 25, 2024.
The index rebalancing decision by S&P Dow Jones Indices was driven by Azenta's market capitalization, which is no longer representative of the mid-cap market space. The company will replace Envestnet Inc. (ENV) in the S&P SmallCap 600, as Envestnet is being acquired by Bain Capital in a deal expected to close soon.
Stocks added to major indices often experience increased demand and price appreciation, as index funds are required to buy the new additions to replicate the index's composition. This index rebalancing news appears to have fueled the after-hours rally in Azenta's stock price on Tuesday.
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