Today, small-capitalization stocks are having their day in the sun. For investors in companies like Trxade Health (NASDAQ:MEDS) and MEDS stock, this has materialized in a 73% gain at the time of writing.
Unlike other small cap plays that are soaring on what appears to be speculation, Trxade appears to have a big catalyst today.
This is a company which bills itself as a health services IT firm. Trxade focuses on digitizing the retail pharmacy experience. In doing so, the company hopes to optimize the drug procurement process and improve the prescription journey and patient engagement in this space. Noble goals, indeed.
The company’s marketplace currently serves more than 12,000 members across the country, and is also involved in the telehealth business. These are some big catalysts, and have been enough to propel this stock significantly higher as the pandemic broke out more than a year ago.
Today, investors have their eye on another catalyst. Let’s dive into what’s driving this stock parabolic today.
MEDS Stock Soaring on Health Passport App Launch
Today, MEDS stock is on the move after the company announced it has launched its Health Passport app. This iOS application allows users to upload and share vaccination data and/or Covid-19 test results. Indeed, given where we are in terms of the pandemic, a huge demand for Covid-19 travel passport solutions is likely to take hold shortly. It appears Trxade is attempting to get ahead of the curve in profiting off this need.
This app provides a QR code which securely shows a proof of health record to authorities. This app has been designed to be used by authorities looking to verify vaccination. Whether for travel, employment, or commercial use, it appears the market for vaccine passports could be a big one. Accordingly, investors are bidding up shares of this small-cap stock to new all-time highs.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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