Shares of Syncordia Technologies and Healthcare Solutions (CVE:SYN) are soaring today, with the stock being up 200% at the time of writing. As a result, it’s fair to say that SYN might be one of Friday’s top movers.
What Happened?
Currently, Syncordia Technologies is trading at $0.22, which puts the stock up $0.15, or a whopping 214.29%.
While the Toronto-based company, which was founded in 2014, has had a busy couple of months, from reporting its Q2 2018 results in November, which stated that revenue, corporate costs, and gross margin dropped, to announcing an initial agreement on December 20, it is more likely that the surge Friday came as a result of Syncordia’s announcements yesterday.
For those who don’t know, Syncordia Technologies is a software and information technology company that focuses primarily on healthcare. The company looks to increase its profitability by growing its revenue and enhancing its operating efficiencies.
The Announcements
On Thursday, Syncordia Technologies made a number of announcements, first of which included an update on various business development contract wins for Billing Solutions LLC, which is Syncordia’s subsidiary.
Additionally, and perhaps this is what caused the stock to surge today, considering blockchain has become increasingly popular in the corporate world, Syncordia Technologies seasoned CTO Allan Beechinor stated that the company plans to use its “blockchain technology solution to enhance patient data protection,” as well as improve “data use and scheduling efficiency.”
Syncordia also disclosed that it is hoping to advance its business this year, and to do so, the Canadian company is working to refinance its debt.
Last but not least, Syncordia announced on Thursday that Telfer Hanson has joined its board of directors. This might not sound significant but it is, seeing as Telfer has more than 20 years of experience working as an investment banker.
Featured Image: twitter
