It was a fairly tough time in the markets for investors in Progressive Care Inc (OTCMKTS:RXMD) as the stock suffered from a significant selloff and ended up with a decline of as much as 9% as a consequence.
Trading Data
On Monday, RXMD stock fell 1.72% to $0.0401 with more than 991K shares, compared to its average volume of 1.94 million shares. The stock moved within a range of $0.0401 – 0.0450 after opening trading at $0.0421.
Progressive Care Strengthens Management Team with Industry Experts
In light of the decline in the stock price, it is perhaps necessary for investors to remember that the company was actually in the news yesterday and it may be a good idea to take a look into it. Progressive Care announced yesterday that it had decided to make two key appointments.
One of those is Courtney Thomas, who was made the Logistics Manager at the PharmcoRx Logistics and Fulfillment Department, while the other one was that of Andreas Grant, who was made the PharmcoRx 340B Program Compliance Manager. Both of these individuals are important hires considering the fact that they are leading experts in their respective roles.
It market a major move for the company as it tries to populate its management team with some of the leading experts from their respective fields. Although the move lead to a sharp decline in the stock yesterday, it will be interesting to see if there is a recovery today.
Key Quote
“We are glad to be able to grow PharmcoRx’s management team with industry experts who will help us deliver a world-class experience to our customers. Courtney’s extensive logistics and fulfillment experience is the right fit to streamline our delivery department capabilities,” stated Alan Jay Weisberg, CEO of the Company. “We are excited to welcome Andreas with an impressive background and experience in 340B programs. Andreas will play a key role in helping our 340B program grow while maintaining high levels of customer service, reporting, and overall program compliance.”
Technical Data
RXMD stock is trading below the 50-Day and 200-Day Moving averages of $0.0430 and $0.0374 respectively. The stock is trading in the neutral zone with RSI stands at 46.
