S&P Dow Jones Indices announced that Insulet (Nasdaq:PODD) is set to replace Silicon Valley Bank in the S&P 500 index.
The change becomes effective prior to the opening of trading on Wednesday, March 15. It adds Insulet to the index tracking 500 large companies listed on stock exchanges in the U.S.
Silicon Valley Bank’s deletion from the S&P 500 follows the March 10 news that the FDIC took the bank into receivership. Therefore, Silicon Valley Bank became ineligible for inclusion into the index.
After news of Insulet’s addition to the S&P 500, shares received a 6% boost after market hours Friday. They’ve since grown more than 7% to $300 apiece in morning trading today. MassDevice‘s MedTech 100 index, which includes stocks of the world’s largest medical device companies, was up slightly.
Get the full story at our sister site, Drug Delivery Business News.