Progressive Care Inc (OTCMKTS:RXMD) continues to press higher in what has become perhaps the most dramatic and consistent momentum upward trend on the OTC so far in 2018. Shares of the stock have ascended as if on a parabolically accelerating escalator, with gains of as much as 1000% since midway through the month of January.
RXMD has been powered along in that trend by a combination of accelerating top-line growth, an attachment to the Bitcoin story, and the addition of a brick and mortar location for selling prescriptions. We must now add to that list an upgrade: the company just announced an upgraded price target to $0.35 per share from SeeThruEquity. It’s rare to see any stock trading 1000% above its 200-day simple moving average, but that’s exactly what traders are facing now. That said, just because the heat is blazing doesn’t mean it can’t get hotter.
Progressive Care Inc (OTCMKTS:RXMD), through its subsidiary Pharmco LLC, trumpets itself as a company that provides prescription pharmaceuticals to individuals and institutions in South Florida.
The company operates a retail pharmacy that specializes in the sale of anti-retroviral medications and related patient care management; the sale and rental of durable medical equipment (DME), such as hospital beds, oxygen supplies, power wheelchairs, scooters, walkers, and other related equipment and accessories; and the supply of various prescription medications to long-term care facilities.
It also provides long-term care solutions to skilled nursing facilities, assisted living facilities, retirement centers and communities, doctors’ offices, and clinics. In addition, the company purchases, repackages, and dispenses prescription and non-prescription pharmaceutical products for its long-term care customers.
Further, it offers computerized maintenance of patient prescription histories; third-party billing; and consultant pharmacist services consisting of evaluation of monthly patient drug therapy and monitoring the institution’s drug distribution system, as well as home service and maintenance, defective product replacements, and free home installation and instruction services.
According to company materials, “Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.”
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As noted above, the RXMD stock rise has been notable for its extraordinary momentum. But there have been many catalysts along the way fueling the action. The most recent is the upgrade to a $0.35/share target. That would represent another 60% added onto this already remarkable move.
“We are excited to see that SeeThruEquity has initiated updated coverage of the Company,” stated S. Parikh Mars, CEO. “We believe that we are executing on our objectives as we take the Progressive Care to the next level. We are humbled by the response to our story and remain focused on delivering results to our patients and shareholders alike.”
The chart shows a bit less than 690% tacked on to share pricing for the listing in the past month. This is emblematic of the stock. RXMD has a track record that includes a number of dramatic bounces. Moreover, the name has registered increased average transaction volume recently, with the past month seeing just under 450% beyond its prior sustained average level.
At this time, carrying a capital value in the market of $83.5M, RXMD has a reserve ($600K) of cash on the books, which compares with about $342K in total current liabilities. One should also note that debt has been growing over recent quarters. RXMD is pulling in trailing 12-month revenues of $20.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 5.4%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $RXMD stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $RXMD, either long or short, and we have not been compensated for this article.