Shares of Spherix, Inc. (NASDAQ:SPEX) Skyrocket on News of Patent Infringement Litigation Update

Intellectual property development company, Spherix, Inc. (NASDAQ:SPEX), provides updates on patent infringement litigation.

NEW YORK, Oct. 17, 2016 /PRNewswire/ — Spherix Incorporated (SPEX) an intellectual property development company committed to the fostering of technology and monetization of intellectual property, today provided an update on its active patent infringement lawsuits, new lawsuits filed, and spending reduction initiatives.

Anthony Hayes, Chief Executive Officer of Spherix, stated, “Spherix is now in the best position to deliver shareholder value from its patent portfolio than at any time in the past. In the last six months, we’ve effectuated ten new patent infringement lawsuits against defendants with a combined market capitalization of approximately $48 billion. There are more suits on file now than at any time in the last four years. And while most of these suits are recently filed, we are working with our partner Equitable IP to reach fair and equitable settlements with any licensee. Copies of all ten complaints can be viewed on our website, ( We anticipate additional suits will be filed before year end. I am increasingly encouraged with our strategic position and confident in our ability to create sustainable shareholder value, even as our stock continues to be valued at less than the Company’s net tangible book value.”

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Spherix, Inc. (NASDAQ:SPEX) shares are trading +27.84% on the news and in the range of $1.21 – 1.68 during the current trading session.  When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock.  Sell-side research firms on Wall Street currently have a consensus one-year price target of $19.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.

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In looking at where the stock is trading on a technical level, the stock is trading +15.71% away from its 50 day moving average of $1.30.  Based on the most recent available data, the equity is -83.09% off of its 52-week high of $8.93 and +43.81% away from its 52-week low which is $1.05.

Today, the stock opened at $1.18 and the last bid at the time of writing stood at $1.51.  During the session thus far, the equity dipped down to $1.21 and touched $1.68 as the high point.  Spherix, Inc. (NASDAQ:SPEX) has a market cap of $7.28M and has seen an average daily volume of 206750 over the past three months.

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