Fort Lauderdale, FL (PRWEB) August 20, 2006
Newbridge Securities Corporation today announced the quarterly rebalancing and reconstitution of its Newbridge Nanotechnology Index (NYSEArca: NNIX). This quarter saw one replacement and one addition among the constituents, raising the total number of companies included to 25. Constituents subject to the 10% index weight cap were Headwaters (NYSE: HW), Symyx (NasdaqGS: SMMX) and Veeco (NasdaqGS: VECO). The NNIX ended the quarterly period at 819.80, down 15.1% from the last rebalance on May 18, 2006.
Newbridge has replaced Westaim Corp. (NasdaqGM: WEDX) with majority-owned subsidiary Nucryst Pharmaceuticals (NasdaqGM: NCST), which was spun off from the parent company in an IPO in December 2005. Nucryst is a nanobiotech company that manufactures nanocrystalline silver as a coating for wound dressings and an active ingredient for pharmaceutical products, the first of which is currently in clinical trials. Westaim’s other operating subsidiary is developing a non-nano display technology. Though Westaim maintains a controlling stake in Nucryst, we have decided to make the switch at this time due to the increasing influence of the other subsidiary on the parent company’s stock.
Newbridge has added Luna Innovations (NasdaqGM: LUNA), which came public in a June 2006 IPO. The company engages in applied research and commercialization efforts in two fields, sensing and molecular technology, the latter of which includes nanomaterials. Its Luna nanoWorks division specializes in carbon nanostructures including fullerenes, nanotubes and a proprietary structure it calls the Trimetasphere™. Licensed from Virginia Tech, a Trimetasphere is a fullerene containing three metal atoms in its core, with potential applications such as MRI contrast agents.
The Newbridge Nanotechnology Index (NNIX) has been constructed to track the stock market performance of companies that are currently active in nanotechnology. The Index is comprised of companies whose operations, based on our assessment of products, intellectual property, research initiatives and partnerships, include a significant focus on nanotechnology. Only companies with common stock or ADRs listed on a national market or exchange in the U.S. are eligible. The base date for the Index is June 30, 2004, at which time the base value for the Index was set at 1000. The NNIX is market cap weighted, rebalanced quarterly, and now includes 25 companies.
About Newbridge Securities Corporation
Newbridge is a full-service securities brokerage firm (Member: NASD & SIPC) and a subsidiary of Newbridge Financial, Inc., an integrated financial services company. The Newbridge Institutional Research department specializes in the analysis and coverage of companies that have a strategic focus on nanotechnology. More information is available at our websites http://www.newbridgereports.com and http://www.newbridgesecurities.com.
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For important disclosures please visit: http://www.newbridgesecurities.com/index_disclosure.htm. Additional information is available upon request. Contact: David M. Keiter, Director of Research, 954-334-3450 x115.