Shares of nano-cap Spherix Inc (NASDAQ:SPEX) have retreated by 10% today as traders take profits from yesterday’s 28% jump. Shares of Spherix jumped yesterday and on Monday on the back of a press release concerning the company’s patent infringement litigation.
“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, (www.spherix.com). We anticipate additional suits will be filed before year end,” CEO Anthony Hayes said in the press release.
As with all nano-caps, traders should do due diligence before trading in the company’s shares. None of the funds tracked by Insider Monkey owned shares of Spherix Inc (NASDAQ:SPEX) at the end of the second quarter.
Although there is no fundamental news concerning the company, ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) is down by 8.7% in afternoon trading as traders take some profits from the stock’s recent run-up. Shares of the company have surged over the past four trading sessions after ContraVir released positive interim data for CMX157 for the treatment of HBV infections last week. Despite the downturn today, shares have still nearly doubled in value during the past five trading sessions. ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) shares were not held in any of the equity portfolios of the hedge funds in our database as of June 30.
Rite Aid Corporation (NYSE:RAD) shares are off by 4.4% after the New York Post reported that Kroger Co (NYSE:KR) “is feared to be close to passing” on buying a chunk of the 650 stores Rite Aid and its purchaser Walgreens Boots Alliance Inc (NASDAQ:WBA) need to divest to appease regulators at the DoJ. Walgreens Boots Alliance agreed to buy Rite Aid last year in a deal that values it at $17 billion, though it’s awaiting the government’s approval to consummate the deal. It is unclear at the moment how the Kroger situation will shake out. 50 funds that we track had a long position in Rite Aid Corporation (NYSE:RAD) at the end of June.