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Vical will be added to biotech index, shares rise
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SAN DIEGO - Shares of Vical Inc. rose Monday after the company said it shares will be added to Nasdaq Biotechnology Index in a week.
Vical shares will be added to the index for the start of trading on Nov. 23. The stock advanced on the expectation that demand for it will rise as mutual funds that track the biotech index will add it to their holdings. Shares added 19 cents, or 6.1 percent, to $3.31.
Vical is developing swine flu vaccine under a contract with the U.S. Navy. It is also testing a potential vaccine for cytomegalovirus, which can cause respiratory illness and transplant rejection.
The Nasdaq Biotechnology Index is updated every May and November.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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