Why Did Hydromer (OTCMKTS:HYDI) Stock Soar 75% On Thursday?

Hydromer (OTCMKTS:HYDI), which is well-known for being a global biopolymers and specialty coatings supplier for industrial applications as well as medical devices, saw its stock go on a major rally yesterday. The stock soared by as much as 75% amidst heavy interest and it came about due to an announcement that had been made by the company.

Trading Data

On Wednesday, HYDI stock increased 74.95% to $0.3499 with more than 11.38K shares traded, compared to volume of 2.44K shares. The stock moved within a range of $0.3000 – 0.3499 after opening trading at $0.3000.

Hydromer Inc. Announces the Addition of Michael Torti as Vice President of Sales, Marketing and Business Development

The company came into the news cycle yesterday after it announced that it had a new Vice President of Sales, Marketing and Business Development in the form of Michael Torti. He is going to be a part of the leadership team at the company. The appointment in question had gone into effect on January 9, 2023.

In this situation, it may be a good move for investors to have a bit more of an idea about Torti as an executive. Torti has significant experience in the business to business sales space and has worked on the sales as well as marketing of intricate manufactured items as well as medical devices. He is going to report directly to the Chief Executive Officer of Hydromer Peter M. von Dyck. In light of the gains recorded by the stock yesterday, it may be a good time to add the stock to your watch lists.

Key Quote

“With his extensive sales and market development skills, in addition to his deep technical knowledge and considerable track record of driving revenue growth, we feel that Michael is a wonderful addition to our Leadership Team to drive sales and help Hydromer expand its presence in the growing medical device and industrial surface modification marketplace,” said Peter M. von Dyck, Hydromer CEO.