Today, one of the big gainers in the market is Petros Pharmaceuticals (NASDAQ:PTPI). Currently, PTPI stock has run nearly 60% higher at the time of writing on very heavy volume.
This move follows a rather bearish trend over the past year. Despite surging earlier this year along with other hypergrowth stocks, PTPI stock had only declined to fresh 52-week lows in recent weeks. The company’s massive move higher today brings PTPI stock to its highest levels since August. Accordingly, investors appear to be very bullish on this pharmaceuticals player.
Petros is a company that is best known for its therapeutic drug STENDRA. This drug is aimed at erectile dysfunction and is a growing component of a massive and fast-growing men’s health segment.
Today, the company made a big announcement, which led to this spike. Let’s dive into what the company announced and why investors seem to like PTPI stock on this news.
Telemedicine-Driven Growth Propels PTPI Stock Higher
The pandemic has provided a tremendous amount of fuel for certain nascent industries to grow. Among the key industries in focus for investors in recent months has been the telemedicine niche.
Petros’ previously announced digital health marketing agreement with telemedicine platform Him & Hers Health appears to be paying off in this environment. In fact, the company reported today some rather dizzying results stemming from this agreement.
Petros reported year-over-year growth of 476% of its STENDRA tablets as a result of this marketing agreement. It appears patients seem to like the ability to contact health professionals virtually when asking about erectile dysfunction. The platform is discreet, efficient and has been viewed positively by patients. Accordingly, this is a partnership that appears to have been a homerun for Petros thus far.
As a result of these impressive findings, Petros announced the company would be expanding this collaboration. Petros plans on enhancing access to STENDRA through this channel and focusing more resources on building it out.
In a world that’s rapidly changing, so too are the delivery methods pharmaceutical companies are using. Today, investors are cheering these results, bidding up shares of PTPI stock in impressive fashion. Indeed, this price action appears to be warranted given these impressive results.
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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.