Why is Petros Trending Higher?

This article was originally published on TipRanks.com

In the current era, healthcare stocks are among investors’ favorites, due to their promise of discovering innovative therapeutics and medical solutions. Among others in the industry, Petros Pharmaceuticals (NASDAQ:PTPI), which targets becoming a world-leading specialized men’s health company, has experienced a lot more volatility in its price.

Price Movement

Trending higher in the pre-market trading session at the last watch, Petros stock has recorded a gain of almost 140% in the last month. There are a few reasons for this astronomical gain.

First, Petros recently revealed positive results from an over-the-counter (OTC) draft label comprehension study related to its erectile dysfunction (ED) drug STENDRA (avanafil). The study was designed to assess comprehension of a draft STENDRA Drug Facts Label intended for OTC use. The company targets making STENDRA potentially the first prescription-grade ED medication to become available over-the-counter in the United States.

Next, in December, the company also closed its stock offering, worth $10 million. In a company release, President of Petros, Fady Boctor said, “This additional raise, in which our largest stockholder continues to participate, strongly positions us into the new year as we continue to drive forward our mission to expand the availability of STENDRA as well as to strategically expand our men’s health portfolio. This generous cash position will be instrumental in helping us to complete our plans toward becoming a leader in the men’s health category.”

Last but not the least, the company’s third-quarter 2021 update in mid-November instilled investor optimism, with a positive pipeline update, including a record number of prescriptions and tablets during the quarter and decent results.

TipRanks’ Smart Score

Petros has not had any analyst ratings in the past 3 months. On the TipRanks Smart Score, a tool for assessing the stock, Petros stock earns a 6, meaning it is expected to perform in-line with the market.

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