A favorable court ruling and a bullish brokerage note are sparking the upside price action
The shares of Network-1 Technologies Inc (NYSEAMERICAN:NTIP) are up 15.4% in electronic trading, after a district court in Texas overturned a 2017 jury ruling that found a company patent invalid in an infringement case with HP (HPQ). Today's pre-market pop has the penny stock set to open at its highest level since July, and could be on track for its best day in three years.
Since the original decision was first handed down in mid-November, NTIP stock has plunged 40.9%, based on last night's close at $2.60. The security's year-to-date breakeven level of $2.30 served as a floor for last week's pullback though, with the shares holding on to an 8.3% gain for 2018 heading into today's trading.
Another penny stock set for a big day is Adverum Biotechnologies Inc (NASDAQ:ADVM), which is trading 4.9% higher ahead of the bell. This positive price action comes on the heels of a bullish brokerage note, with SunTrust Robinson initiating coverage on the gene therapy name with a "buy" rating and $11 price target -- a 79.4% premium to last night's close at $6.13.
Longer term, ADVM is down sharply from its Jan. 31 two-year high of $8.59. The stock has been gaining ground since taking a sharp bounce off its 320-day moving average in early August, and is pacing for its best month since January.
Most analysts remain upbeat toward Adverum Biotechnologies, with the majority of those in coverage maintaining a "buy" rating, and zero "sells" on the books. Plus, the average 12-month price target is perched well overhead at $10.25.