Syra Health Corp. (NASDAQ: SYRA) stock soared almost 350% on Thursday following the announcement of its successful bid for a subcontractor position in a substantial $75 billion federal contract awarded to Caduceus Healthcare.
Syra Health (SYRA) has just secured a major subcontractor role in a significant federal contract granted to Caduceus Healthcare, Inc. by the federal Department of Health and Human Services (HHS), Administration for Families and Children (ACR), Office of Refugee Resettlement (ORR) Medical Staffing and Support.
In this role, Syra Health will offer various services to Caduceus Healthcare, the main contractor based in Georgia.
Sandeep Allam, Executive Chairman and President of Syra Health, said,
“Syra is honored to be part of this important federal contract to help ensure the welfare, health, and safety of children through this important program.”
The contract aims to establish a multiple-award framework, facilitating temporary shelter, care facilities, direct care services, medical care, case management, education, and transportation, all contributing to HHS’s Influx Care Facilities.
This news comes hot on the heels of Syra Health securing another deal earlier this week with the Washington D.C. Department of Behavioral Health, worth around $250,000 for one year.
Syra Health isn’t new to government contracts. The company launched its federal government solutions business unit in December 2023, building on its experience serving state and local government sectors.
Syra Health (NASDAQ: SYRA) Stock Reaction
SYRA stock surged 336.58% to close at $4.85 on Thursday. The traders had exchanged hands with 92,167,719 (92.16 million) shares compared to the average daily trading volume of 98.86K.