Spherix Inc. (NASDAQ: SPEX) was not just moving higher on Tuesday. Its shares soared, and the stock was even the single best performer on the Nasdaq. A near-double just does that usually.

Spherix is a very small cap stock that is involved in intellectual property development, and ultimately the monetization of such intellectual property. The company announced that the U.S. Senate, and Senate Judiciary Committee Chairman Patrick Leahy, removed the patent reform bill from the committee’s calendar.

The company’s press release shows that Senator Leahy cited the lack of broad bipartisan support for the bill. Leahy also reportedly said that many of the proposals would overly burden legitimate patent holders who employ thousands of Americans.

Anthony Hayes, CEO of Spherix, said:

The removal of this bill from the Senate Judiciary Committee schedule should remove some of the uncertainty which has been clouding our industry. Spherix is committed to responsibly protecting the patents it owns, and we remain eager to work with companies large and small to reach fair agreements.

Even after a 70% rally that was there mid-day (higher at the close) Spherix had a market cap of less than $12.5 million when the stock was at $2.66. Still, it had traded 25 million shares, and it was not even quite 1:00 p.m. EST at the time.

UPDATED FOR CLOSE: Spherix saw volume north of 40 million shares, and the stock closed up over 96% higher on the day at $2.97.

Spherix dates back to 1967, and its own description says that it draws on portfolios of pioneering technology patents to partner with and support product innovation. Spherix shares have traded between $1.19 and $27.86 over the past 52-weeks.

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