NEW YORK (Dow Jones/AP) -- AVI BioPharma Inc. shares more than doubled in value Wednesday after the company received a U.S. patent on stem-cell technology.
Stock of the Portland, Ore.-based company jumped rose $2.10, or 103 percent, to close at $4.14 on the Nasdaq Stock Market.
Despite the sharp rise, Wednesday's strongest level of $4.24 was still below the 52-week high of $4.75 set a year ago. There was a 52-week low of $1.55 on Aug. 9.
News the company is moving into the stem cell arena generated excitement because ``stem cells are hot right now,'' Rodman & Renshaw Inc. analyst Ren Benjamin said.
He said, however, that investor enthusiasm will surely wane because ``it's very early, we haven't seen any data on it and it's too early to tell whether this could become a viable product or exactly how it would be used.''
