One More Patent Boom for VirnetX
VirnetX Holding Corp. (NYSEMKT: VHC) has announced that on Wednesday the U.S. District Court for the Eastern District of Texas, Tyler Division, issued its patent claim construction, or “Markman” Order, in the ongoing patent infringement action between VirnetX and Avaya…
Kendall Larsen, president and CEO of VirnetX, said:
We are extremely pleased with the Court’s Markman Order. We remain confident in the merits of our complaint against Avaya and Siemens. … While the outcome of this and any legal matter is unpredictable, we believe the Court’s Markman Order is another significant step towards the successful resolution of this litigation.
VirnetX is an Internet security software and technology company with patented technology for secure communications, including 4G LTE security. The company’s patent portfolio includes 20 U.S. and 26 international patents, as well as more than 100 pending applications. It has a market cap of about $1.3 billion, and short interest is more than 33% of the float.
VirtnetX is up more than 5% in morning trading to $25.19. The 52-week trading range is $11.02 to $41.93. Before this announcement, the two brokers who follow the stock surveyed by Thomson/First Call had a mean price target of $57.50 on the shares.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
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