Progressive Care Inc (RXMD Stock) is adapting nicely to a challenging economic landscape triggered by the Covid-19 pandemic. The company’s e-commerce operations supply crucial medical care products is the latest development that continues to fuel the stock’s price action activity. Likewise, RXMD stock has rallied by more than 200% over the past month as investors react to a perfect business opportunity created by the pandemic.
Progressive Care Price Analysis
The personalized healthcare service and technology company has already unveiled an e-commerce platform that it plans to use to serve the entire U.S domestic market. Management affirming that the company continues to shrug off headwinds amidst a challenging market environment continues to strengthen the stock’s sentiments in the market.
Likewise, RXMD stock has turned bullish amidst improved sentiments on healthcare-focused stocks. RXMD stock has already recouped all the losses accrued in the first quarter as bulls remain in firm control. After the recent spike, RXMD stock is trading near a key resistance level at $0.07.
A rally followed by a close above the $0.07 level should affirm the emerging uptrend setting the stage for Progressive Care to make a run for one-year highs. In return, the $0.05 level is the immediate support level where the stock remains well supported for further upside action. A breach of the support level would leave the stock susceptible to further drops to one-year lows.
What Does RXMD Stock Do
Progressive Care is a Florida based health Services Company engaged in the distribution of prescription pharmaceuticals, compounded medications, and provision of tile-pharmacy services. Its retail pharmacy segment is engage in the sale of anti-retroviral medicines.
Progressive Care is surging in the market ahead of its first-quarter earnings report on the confirmation the company is poised to be a key player in e-commerce in the healthcare sector. The personalized healthcare services and technology company has expanded the scope of its e-commerce platform PharmcoRX.
The company has already started filling and shipping vital orders made of prescriptions as well as personal protection equipment for combating the COVID-19 pandemic. The unveiling of the e-commerce platform could not have come at a better time as consumers’ shopping patterns have switched to online in the wake of lockdowns across the U.S.
According to Chief Executive Officer Parikh Mars, Progressive Care is set to register an uptick in order volume through the e-commerce platform. The site offers same-day delivery on orders as well as important coronavirus prevention gear such as masks protective gloves and hand sanitizer.
“Certainly, the unusual context, with so many consumers conducting all of their activity online, acted as a motivating factor to move in this direction now, rather than later. But this step represents more than a simple short-term strategy. It’s a powerful evolutionary leap for Progressive Care – a natural escalation of our scope and reach as an emerging leader in the pharmacy and healthcare services marketplace,” said CEO Mars.
RXMD Stock Outlook
PharmcoRX is Progressive Care’s latest response in pursuit of opportunities for growth around the coronavirus pandemic. The company has remained active throughout the epidemic delivering prescription medications as part of its contactless home delivery service.
Management expects the e-commerce platform to strengthen the company’s revenue stream and be a key driver of the bottom line in the years to come. Progressive Care boasts of a market advantage on this front, given its well-established delivery infrastructure.
In addition, the company continues to strengthen its completive edge on this front, having enhanced digital marketing efforts. Progressive care is already experiencing an increase in demand for its services as people stay at home.
“The next step is to dramatically widen our product offering. We are very excited about the rapid pace of progress we have seen with our e-commerce strategy. And we look forward to providing further updates as we meet future milestones in this direction,” added CEO Mars.
Progressive Care is destined for a record-breaking year on the backdrop of a huge opportunity created by the COVID-19 epidemic. The company is already experiencing an increase in orders on its online portal attesting to the vast opportunity in the distribution of medical care products. That said, RXMD stock looks set to continue edging higher as a bounce-back play, given the ever-improving underlying fundamentals.
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Disclosure: We have no position in OTCMKTS:RXMD and have not been compensated for this article.