ITC Says Procedural Error Was Not VirnetX's (VHC) Fault; Shares Rallying

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Shares of VirnetX (AMEX: VHC) jumped into positive territory just ahead of noon Monday as the International Trade Commission posted the company's Petition for Review of Order No. 15 and Appeal of Order No. 14. As a recent note from Gilford's Robert Tango pointed out, "document 486679 appears to be clear and implies any minor procedural error that my have occurred was not the result of actions by VirnetX." The analyst also suggested the document seems to imply any errors by the ITC will be "rectified relatively quickly," if they have not already been.

Tango believes SAIC (NYSE: SAI) has already signed over the rights of the patent portfolio in question to VirnetX. The analyst reiterated a Buy rating and $65 price target on shares of VirnetX.

The stock is now up 12 percent to $25.40.

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