Pernix Therapeutics Holdings Inc (NASDAQ: PTX) is having an incredibly strong day in the market today. However, the company hasn’t released any news. Nonetheless, the gains seem to be the result of a patent that was issued on Tuesday. Today, we’ll talk about:
- The patent;
- what we’re seeing from PTX stock as a result; and
- what we’ll be watching for ahead.
PTX Is Climbing On Patent News
As mentioned above, Pernix Therapeutics is having a strong day in the market today. However, the company hasn’t issued any press releases or SEC filings. So, why is the stock climbing? Well, it seems as though it has to do with a new patent that was granted by the United States Patent and Trademark Office.
On Tuesday, the USPTO granted Patent No. US9463181B2 to a company known as Pernix Sleep. Pernix Sleep is a subsidiary of PTX, which is why the stock is gaining today. The patent is titled “Doxepin isomers and isomeric mixtures and methods of using the same to treat sleep disorders.” The abstract of the patent is as follows:
The invention relates to use of the cis-(Z) isomer or isomeric mixtures containing specified ratios of the cis-(Z) and trans-(E) isomers of doxepin, metabolites of doxepin, pharmaceutically-acceptable salts of doxepin and prodrugs of the same; compositions containing the same, for the treatment of sleep disorders.
While the patent was issued two days ago. PTX has yet to issue a press release informing investors. Nonetheless, the news of the patent grant is great as it will add further intellectual property protection for its Doxepin candidate.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to PTX, the news proved to be overwhelmingly positive. Although, the company hasn’t said anything as of yet, the new patent adds further IP to the company, creating immediate value for shareholders. So, it’s not surprising to see that the stock is headed for the top in the market today. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:27), PTX is trading at $0.66 per share after a gain of $0.081 per share or 13.91% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTX. In particular, we’re interested in following the story surrounding the company’s new patent and when the company will make the formal announcement. We’re also following Zohydro sales as well as the continued development of the company’s pipeline candidates. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!