Dallas, Texas 02/21/2014 (FINANCIALSTRENDS) – The $27.58 million market capped, Australian bio-tech firm Genetic Technologies Limited (ADR) (NASDAQ:GENE) has gained 21 percent since it provided updates on its intellectual property portfolio on 13th February. The firm disclosed that it had received an “ExParte Re-Examination Certificate from the United States Patent and Trademark Office” with respect to a re-examination request it had received from one of its competitors Merial L.L.C. which is based in Gerogia.
Expressing his happiness at this latest development in protecting its intellectual property, Genetic Technologies Limited (ADR) (NASDAQ:GENE) CEO Tom Howitt has been quoted to have said that, “We are pleased to announce the successful resolution of this fourth re-examination of one of our key patents. This news once again reinforces the strength of the Company’s non-coding patent portfolio. Further, given some potential licensees have used the pending re-examination to delay settlement discussions, we expect that good faith negotiations will now resume in earnest.”
On the back of the update on its patent fight, rating agency Ladenburg Thalmann has upgraded the rating of this drug company from previously Neutral rating to a Buy rating. The price target has also been moved to $1.8 per share. On the back of the news, the stock posted a hefty 39 percent increase over its previous day close. At current price points, the stock of this drug maker is trading 33.8 percent above its 52 week low price point of $1.3 per share.
The development stage stock has posted net sales of $7.6 million and has accumulated net loss of $8.4 million in the trailing 12 months. At current price points it is trading at 11.5 percentage points above its 50 day simple moving average and its investors would be hoping that the stock would be able to sustain and build on the price appreciation for a extended period of time.