Spherix shares plummet

|About: Spherix Incorporated (SPEX)|By:, SA News Editor

Investors apparently take umbrage over pico cap Spherix's (SPEX) patent litigation with Cisco. Shares are down 22% to $3.50 on a 10x surge in volume.

Analysts are bullish on the firm's business prospects, however. Consensus revenue estimate for this year is $52.3M up more than 8-fold from 2013's estimate of $6.5M.

Considering the company's tiny $17M market cap, investors should be cautious here.

This was corrected on 03/27/2014 at 02:36 PM. The market cap was incorrectly specified as $9M.