Since the Supreme Court overturned Roe v. Wade, Americans have been rushing to procure contraceptives. As the nation’s focus has shifted to birth control treatments and methods, two penny stocks have skyrocketed by impressive amounts. Endo International (NASDAQ:ENDP) is a dynamic pharmaceutical producer but its links to women’s health have pushed it up 93% as of this writing. Up more than 118% for the past week, ENDP stock has closely mirrored the performance of Evofem Biosciences (NASDAQ:EVFM). The contraceptive producer rose 160% yesterday before its gains stabilized today.
A significant part of ENDP’s surge has been driven by social media. The stock has been picking up considerable traction on Twitter, much like EVFM. Let’s take a closer look at today’s contraceptive boom winner that may be garnering meme stock status.
ENDP Stock Is Still Rising
EVFM has slipped back into the red this afternoon while ENDP stock is still rising. While it hasn’t surged by as much as the former in the past two days, that is expected. Evofem is known for Phexxi, a hormone free contraceptive.
Endo is a dynamic company with multiple focuses, including on women’s health. This makes it unlike Evofem, which exclusively focuses on contraception and reproductive health. Additionally, Evofem has already announced a partnership to expand access to Phexxi to an even larger market.
Digital investors are quite happy to see how high these companies are surging today. ENDP stock is being discussed in conjunction with EVFM who see the two stocks are similar and expect them to move in solidarity. A common theme is Endo’s other subsidiary, Paladin Labs, a producer of Plan B. With pharmacies limiting purchases of the morning after pill due to short supply, some investors expect the stock to rise even further as demand continues to mount.
The Bottom Line
The rise of ENDP stock has caught the attention of some high-profile investors. Celebrity investor Tommy Coops tweeted the following:
— Tommy Coops (@ohheytommy) June 28, 2022
Through it all, one theme is unmistakably clear; investors are expecting demand for Plan B to continue rising and they are calling for bullish action on ENDP stock before it rises even higher. Its worth nothing that ENDP has garnered meme stock status before. It looks primed to do it again but this time, it will be rising due to an actual growth catalyst. The combination of meme stock interest and high industry demand could push it up significantly. The only question is by how much? Investors should be watching closely.
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On the date of publication, Samuel O’Brient 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.