Spherix Inc (NASDAQ:SPEX) is a low-priced player in the IP space that has recently started to receive a lot of attention after the stock popped and dropped in June. The latest catalyst is SPEX’s announcement of the addition of Dr. Scott T. Tagawa to the Company’s Technology Advisory Board. According to the release, the Technology Advisory Board was formed to assist the Company in evaluating potential opportunities in the biopharmaceutical arena.
Traders will note 38% during the past week in terms of shareholder gains in the company. Market participants may want to pay attention to this stock. SPEX has evidenced sudden upward volatility on many prior occasions. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed greater than 100% above the average volume levels in play in this stock over the longer term.
Spherix Inc (NASDAQ:SPEX) trumpets itself as an intellectual property that company, owns, develops, acquires, and monetizes patented and unpatented intellectual properties.
The company owns approximately 290 patents and patent applications. Its patent portfolio includes the U.S. and foreign patents and pending patent applications in the wireless communications and telecommunication sectors, including data, optical and voice technology, antenna technology, Wi-Fi, base station functionality, and cellular.
Spherix Incorporated was founded in 1967 and is based in New York, New York.
According to company materials, “Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by participation in the development of new technology. Spherix draws on portfolios of pioneering technology to support product innovation.”
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As noted above, the stock is trying to stage a comeback after bouncing up to the $4/share level and then falling back significantly to test support right at the 200-day simple moving average around the $1.30 area.
According to the release, “Dr. Scott T. Tagawa, MD, MS is the Richard A. Stratton Associate Professor in Hematology and Oncology and an Associate Professor of Clinical Medicine and of Clinical Urology at Weill Cornell Medicine. After earning his BS from Georgetown University, Dr. Tagawa received his MD at the University of Southern California School of Medicine. After completing his Internship and Residency training there, he became Chief Resident and subsequently underwent fellowship training in Hematology and Medical Oncology, being appointed Chief Fellow for his final two years. In August 2005, he was appointed Assistant Professor of Medicine at Mount Sinai School of Medicine, serving as Associate Program Director for the Fellowship Training Program. As Director of Genitourinary Oncology for the Division of Hematology and Oncology and Director of Medical Oncology for the Deane Prostate Health and Research Center, Dr. Tagawa took the lead in developing genitourinary clinical trials. He was recruited to Weill Cornell Medicine in 2007. His research covers clinical and translational investigations in genitourinary tumors and thrombosis in malignancy. Dr. Tagawa leads clinical trials in the areas of prostate, kidney, and bladder cancer as well as the prevention and treatment of thrombosis with cancer. He specializes in drug development and theragnostic in prostate cancer. He was promoted to Associate Professor of Clinical Medicine and of Clinical Urology in 2013. Dr. Tagawa is the Weill Cornell Medicine principal investigator for the Alliance for Clinical Trials in Oncology (formerly CALGB), serving on the Board of Directors and as a funded member of the Genitourinary Committee. Additionally, he serves on the editorial boards of many journals, is a member of numerous national and international medical and scientific societies, and has been named on multiple “top doctor” award lists.”
Anthony Hayes, the Chief Executive Officer of Spherix stated, “Dr. Tagawa is clearly a leader in his field, with an exceptionally distinguished career. We are honored to have him on our advisory board and grateful for his assistance in vetting opportunities for the Company.”
At this time, carrying a capital value in the market of $10.3M, SPEX has a stash ($210K) of cash last reported on the books, which compares with virtually no total current liabilities. SPEX is pulling in trailing 12-month revenues of $1.1M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 354.2%. We will update the story again soon as further details emerge. For continuing coverage on shares of $SPEX stock, as well as our other hot breakout picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We hold no position in $SPEX, either long or short, and we have not been compensated for this article.