What's Going On With Syra Health Shares Today?

Syra Health Corp. SYRA shares are skyrocketing on Thursday after the company announced a partnership for a federal contract valued at $75 billion.

The company revealed its selection as a subcontractor for a contract awarded 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.

Syra Health has been tasked with delivering various services to Caduceus Healthcare, a Georgia-based firm serving as the prime contractor for the deal.

“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,” said Sandeep Allam, Executive Chairman and President, Syra Health.

The company said that the contract will set up a multiple-award framework to offer temporary shelter, care facilities, direct care services, medical care, case management, education, and transportation, aiding HHS’s Influx Care Facilities.

On February 6, the company bagged a one-year deal worth approximately $250,000 with Washington D.C. Department of Behavioral Health.

“We look forward to serving our current contracts across the 15 states we are currently working in and on securing new contracts in new geographies,” Allam said in a press release discussing the company’s 2023 performance (dated January 2).

Syra Health announced the launch of its federal government solutions business unit in December of 2023 to build upon its years of service in the state and local government sector.

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Price Action: SYRA shares are trading higher by 382.6% to $5.55 on the last check Thursday.