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Tuesday, May 30, 2023

Petros Pharmaceuticals, Inc. (PTPI) Stock Rallied on Wednesday, Here’s Why

Petros Pharmaceuticals, Inc. (PTPI), a pharmaceutical company, has declined 5.56% in aftermarket trading session. As a consequence, PTPI stock is trading at $2.38 at the time of the writing. On Wednesday, PTPI gained an increase of 7.69% during the regular trading session and closed the day at $2.52. The increase could be attributed to the positive OTC label comprehension study results.

Why is PTPI Stock Rising?

On Wednesday, PTPI reported the positive over-the-counter (OTC) draft label comprehension study results for the erectile dysfunction (ED) Drug STENDRA® (avanafil). This pivotal label study is designed to assess the comprehension of the draft STENDRA® Drug Facts Label which was intended for OTC use. The early indicators of the study show the positive label comprehension outcomes of the study. That encouraged the company to initiate the next step, which is a self-selection study.

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Q3 2021 Operational Results

On 15th November, PTPI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company suffered a net loss of $1.69 million during the quarter against $3.3 million for the same quarter of 2020. The interest expense for the quarter was$67,936 against $970,085 for the same period of 2020. The adjusted EBITDA for the quarter stood at $1.86 million against $675,059 for the same quarter of 2020.

Executive Commentary

Fady Boctor, President and Chief Commercial Officer of PTPI, while commenting on the results said that the company has continued its momentum during the quarter with the number of prescriptions and tablets hitting a record level. The company continues to make progress with its strategies. He hoped that coming quarters would also prove to be successful for the company.

Future Outlook for PTPI

A closer look a statistics reveals that PTPI stock has neither skyrocketed nor plummeted excessively during the last few months. Hence, potential investors could reap numerous benefits from the stock via taking timely decisions.

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