2 US Patent Approvals Driving Stocks Higher on Thursday
A couple companies made serious gains on Thursday after each reported a key approval by the U.S. Patent and Trademark Office.
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[cnxvideo id=”625489″ placement=”ros”]A couple of companies made serious gains on Thursday after each reported a key patent approval by the U.S. Patent and Trademark Office (USPTO). Each company is reporting a gain of at least 15%. With this sentiment from investors, it seems that these gains could keep coming as each business further develops.
Superconductor Technologies Inc. (NASDAQ: SCON) was awarded a U.S. patent (No. 9,564,258), in relation to its superconducting wire manufacturing method. Essentially, this now-patented process will improve Conductus wire’s performance in the presence of a strong magnetic field.
This new patent will protect the foundation that STI uses to build high performance wire. The flexibility provided by this proprietary manufacturing process also enables STI to build superconducting wire in very unique ways.
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The ability to carry high electrical current in the presence of a strong magnetic field is a key enabler for the superconducting applications of the future. Using a technique called pinning, superconducting wire performance is dramatically improved. The traditional approach is to add more elements when manufacturing the superconducting layer, thereby increasing the complexity of an already challenging process.
Shares of STI were last seen up 34% at $1.54, with a consensus analyst price target of $0.30 and a 52-week trading range of $1.04 to $4.80.
Akers Biosciences Inc. (NASDAQ: AKER) reported that the USPTO has allowed a patent covering its proprietary cartridge for the optical scanning device utilized in the company’s BreathScan Lync technology. BreathScan Lync is the new Bluetooth-enabled reading device from Akers Wellness that enables users to track the results of Akers Wellness breath-based tests via their mobile device.
The patent covers the unique design of the disposable cartridge, which contains the reagent for the detection of wellness markers. The reagent contained within is analyzed using optical scanning technology after contact with the user’s exhaled breath sample and produces a quantitative result through the Akers Wellness app on the user’s smartphone or tablet. Included in the patent are the unique form factor, optical lens and read elements and the unique U-shaped airflow pathway.
Akers shares were trading up nearly 17% at $1.40, with a consensus analyst price target of $11.00 and a 52-week trading range of $1.15 to $3.70.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
