Benzinga | Dec 1, 2021 01:49PM EST

Why Arbutus Shares Are Soaring Today

Arbutus Biopharma Corp (NASDAQ:ABUS) is soaring Wednesday after The Patent Trial and Appeals Board turned down Moderna Inc's (NASDAQ:MRNA) appeal to invalidate two of Arbutus' patents on drug-delivery technology.

A federal appeals court upheld the ruling to not invalidate patents held by Arbutus. The court ruled that Moderna didn't have the standing to appeal.

Following the ruling, Arbutus may be eligible for royalties from sales of Moderna's COVID-19 vaccine.

See Also: Why Moderna Shares Are Sliding Today

Arbutus is a biopharmaceutical company focused on discovering, developing and commercializing cures for patients suffering from Hepatitis B infections.

ABUS Price Action: Arbutus has traded as high as $5.87 and as low as $2.43 over a 52-week period.

The stock was up 66.50% at $5.33 at time of publication.