VirnetX Tumbles Despite Gilford Reiteartion
Shares of VirnetX (NYSE: VHC) dropped over 10% on Friday despite getting defended at Gilford Securities. The firm reiterated its Buy rating and $65 price target.
A jury ruled Thursday that while VirnetX's patents are valid, Cisco (NASDAQ: CSCO) did not infringe upon them.
VirnetX has been a controversial company for some time. Along with that controversy, shares have been on a rollercoaster ride: trading as high as $40 and as low as $15. The company is widely known as a patent troll -- the company really makes no products of its own, instead using its patent portfolio to bring lawsuits against major tech companies.
Shares of VirnetX traded near $22.70 on Friday.
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