Wednesday, August 1, 2012

Double Digit Movers: Array Biopharma (NASDAQ:ARRY) & InterDigital (NASDAQ:IDCC)

Array Biopharma Inc(NASDAQ:ARRY), which reported the results of the mid-stage trial of its experimental pain drug, ARRY-797, saw its shares dropping on Wednesday after concerns surfaced about the side-effects of the drug.

While reporting the results of the trials on Tuesday, Array said that some patients had experienced symptoms that could raise the risk of arrhythmia or irregular heartbeats.

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Investors were worried that such a side effect could impact sales and its ability to form collaborations to market the drug.

Array shares were trading down more than 17 percent in early afternoon trades on Wednesday.

Meanwhile shares of InterDigital, Inc.(NASDAQ:IDCC) soared as much as 25 percent after it won a court ruling that could potentially enable it to force Nokia to pay it royalties on patents for third generation mobile phone technology.

InterDigital had approached the International Trade Commission to ban imports of Nokia's 3G phones on the grounds that it had not paid royalties for various technologies. Nokia contended that the patents were not valid.

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The Commission however ruled in Nokia's favour saying that there was no patent infringement.

InterDigital then went in appeal against the ITC ruling to the U.S. Court of Appeals for the Federal Circuit, which overturned the Commission's ruling.

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