Shares of Petros Pharmaceuticals (NASDAQ:PTPI) are up 40% today and trending on social media as the company continues to be a favored candidate for a short squeeze by investors.
Before today’s gains, PTPI stock had risen nearly 25% over the past month to $2.70. This comes as retail investors target the shares for a short squeeze, and after the company reported positive results for its erectile dysfunction drug candidate. In January of this year, the stock had been as high as $5.96, trading as a “meme stock.”
With Petros Pharmaceuticals stock again running higher, we look at 10 things investors should know about the company.
10 Things to Know About PTPI Stock
- PTPI stock has been a trending topic on numerous social media sites in recent days, including Reddit, Discord, Stocktwits and Twitter.
- On Dec. 8, Petros Pharmaceuticals reported positive results from a study of its erectile dysfunction drug called “STENDRA.” Petros is hoping the FDA will make this treatment available for over-the-counter use.
- Petros Pharmaceuticals says it now plans to seek approval from the U.S. Food and Drug Administration (FDA) for commercial use of its erectile dysfunction treatment.
- Based in New York City, Petros Pharmaceuticals is focused on men’s health and is currently developing treatments for erectile dysfunction, Peyronie’s disease, hormone health, and substance abuse issues.
- On Dec. 2, the company raised $10 million through a share offering.
- The company went public a year ago and has struggled in penny stock territory since its market debut.
- PTPI shares were treated as a meme stock in January and spiked to nearly $6 before falling back below $3 each.
- Petros Pharmaceuticals has yet to bring one of its drug candidates successfully to market and reported a net loss of $1.7 million in the third quarter. This is an improvement from a loss of $3.3 million in the year-ago period.
- With a market capitalization of $66.6 million, Petros Pharmaceuticals is a relatively small biotech company.
- The company is currently without a Chief Accounting Officer and has an interim Chief Financial Officer.
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On the date of publication, Joel Baglole 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.
