StemCells Inc (NASDAQ:STEM), a world leader in the research and development of cell-based therapeutics for the treatment of disorders of the central nervous system, announced today that the Company’s patent infringement case, StemCells, Inc. v. Neuralstem, Inc., has been dismissed by the U.S. Federal District Court for the District of Marylandfor lack of standing. The judge’s decision was based solely on the grounds that a former associate of the named inventors on the six patents in the litigation, Drs.Samuel Weiss and Brent Reynolds, has an interest in the patents because, as a former colleague, he assisted with their early research.
“We are disappointed, of course, with the judge’s unexpected decision,” saidStemCells, Inc. CEO Martin McGlynn. “However, it is important to remember that nothing about this case has ever had any bearing on our Company’s freedom to operate. The decision does not affect StemCells, Inc.’s intellectual property portfolio beyond the Weiss and Reynolds family of litigated patents, nor the ability of the Company to execute its business agenda.”
StemCells Inc.’s HuCNS‑SC® cells and platform technology are protected by multiple patent families (including U.S. Patents Nos. 5,968,829 and 7,153,686 and U.S. Patent Application No. 11/148,431, claiming highly purified populations of human neural stem cells), as well as by the Company’s proprietary expertise, none of which are affected by the Court’s decision. (Original Source)
Shares of StemCells Inc opened today at $0.514 and are currently trading down 6.54% at $0.486. STEM has a 1-year high of $1.75 and a 1-year low of $0.49. The stock’s 50-day moving average is $0.61 and its 200-day moving average is $0.87.
On the ratings front, StemCells has been the subject of a number of recent research reports. In a report issued on July 20, Maxim Group analyst Jason Kolbert reiterated a Buy rating on STEM, with a price target of $5, which represents a potential upside of 872.8% from where the stock is currently trading. Separately, on June 22, Cantor Fitzgerald’s Caroline Corner reiterated a Buy rating on the stock and has a price target of $2.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Caroline Corner have a total average return of -0.3% and -9.2% respectively. Kolbert has a success rate of 40.1% and is ranked #2861 out of 3713 analysts, while Corner has a success rate of 38.1% and is ranked #3427.
StemCells Inc is engaged in the research, development, and commercialization of cell-based stem cell therapeutics and related enabling technologies.