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NEW YORK (TheStreet) -- Shares of VirnetX  (VHC) - Get VirnetX Holding Corporation Report plummeted to a 52-week low of $4.18 on Thursday after Gilford Securities downgraded its rating on the stock to "neutral" from "buy."

Earlier this week, an appeals court threw out a $368 million jury award for VirnetX's patent infringement case against Apple (AAPL) - Get Apple Inc. Report .

The U.S. Court of Appeals for the Federal Court in Washington said erroneous instructions given to the jury "tainted" the verdict for the case. The court also said parts of the testimony from a VirnetX's expert should have been kept out of the case.

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VirnetX patent claims tied to Apple's FaceTime video chat feature and VPN on Demand on iOS devices. The court ordered a new trial to determine whether FaceTime infringes on VirnetX's patents.

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More than 20.6 million shares had changed hands as of 2:45 p.m., compared to the average volume of 647,847.

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