Why Spherix (SPEX) Stock Is Soaring Today (Update)

Update (4:07 p.m.): Updated with Tuesday market close information.

NEW YORK (TheStreet) -- Spherix  (SPEX) shares exploded Tuesday after the U.S. Senate and Senate Judiciary Committee Chairman Patrick Leahy removed a patent reform bill from the committee's calendar due to a lack of bipartisan support.

Leahy, a Democrat, said many of the proposals in the bill would place too much of a burden on "legitimate patent holders who employ thousands of Americans," according to Spherix's press release. 

"The removal of this bill from the Senate Judiciary Committee schedule should remove some of the uncertainty which has been clouding our industry," said Spherix CEO Anthony Hayes. "Spherix is committed to responsibly protecting the patents it owns, and we remain eager to work with companies large and small to reach fair agreements."

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Spherix is an intellectual property development company that grows and monetizes intellectual property.

The stock closed up 96.69%, or $1.46, to $2.97. More than 44.7 million shares changed hands, which eclipsed the average volume of 696,178. The stock had a range of $1.69 to $3.20 for the day and holds a 52-week range of $1.19 to $27.86.

SPEX Chart

SPEX data by YCharts

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