Spherix (SPEX) Stock Continues To Surge Today After Tuesday Gains (Update)

NEW YORK (TheStreet) -- Spherix  (SPEX) continued to soar on Wednesday after shares of the intellectual property development company exploded on Tuesday.

Spherix surged 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."

Must Read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock closed up 16.5%, or 49 cents, to $3.95. Nearly 31 million shares changed hands, which eclipsed the average volume of 1,468,370. The stock had a range of $3.30 to $4.15 for the day.

SPEX Price Chart

SPEX Price data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

Trade War Fear Creeps Back Into Markets on Thursday

Trade War Fear Creeps Back Into Markets on Thursday