Healthcare practice management firm Nexteligent Holdings Inc (OTCMKTS:NXGT) emerged as one of the major gainers on Tuesday and managed to clock gains of as much as 42%. The rally in the stock may have been triggered by a key announcement made by the company yesterday.
Nexteligent announced that it hired the services of the investment banking company Corporate Finance Associates Worldwide for providing it with assistance regarding acquisitions. Paul Cristiano, who is the Chief Executive Officer of the company, noted that Nexteligent is now focussing on a growth strategy that is going to be focussed on acquisitions.
He went on to state that he is hopeful that the company will be able to achieve its goals by working with Corporate Finance Associates Worldwide. In this regard it might be worthwhile to point out that back in November last year the company had completed the acquisition of Professional Revenue Management Services, which works revenues cycle management services at a national level.
In this regard it should be noted that Nexteligent has its own revenues cycle division and hence, the acquisition helped the company in further strengthening the range of services that it could offer to its clients. It is going to be interesting to see if the stock can add to its gains today.
Market Reaction:
On Tuesday, NXGT stock jumped by 42% to $0.0640 with more than 7.85 million shares, compared to its average volume of 268K shares. The stock has moved within a range of $0.0450 – 0.0700 after opening the trade at $0.0600. Over the past 52-week, the stock has been trading within a range of $0.0210 – 0.1790.
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