Short Interest in Petros Pharmaceuticals, Inc. (NASDAQ:PTPI) Drops By 72.1%

Petros Pharmaceuticals, Inc. (NASDAQ:PTPI) saw a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 88,400 shares, a drop of 72.1% from the February 29th total of 317,200 shares. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 6.8% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, Maxim Group started coverage on Petros Pharmaceuticals in a research report on Friday, December 8th. They issued a “buy” rating and a $4.00 price target on the stock.

Petros Pharmaceuticals Stock Up 2.1 %

NASDAQ:PTPI traded up $0.03 during mid-day trading on Thursday, reaching $1.48. The stock had a trading volume of 367,507 shares, compared to its average volume of 1,072,289. Petros Pharmaceuticals has a 12 month low of $0.92 and a 12 month high of $9.54. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.71 and a current ratio of 3.02. The stock has a 50-day simple moving average of $1.42 and a two-hundred day simple moving average of $1.45.

Hedge Funds Weigh In On Petros Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of Montreal Can bought a new stake in shares of Petros Pharmaceuticals during the 2nd quarter worth $27,000. Renaissance Technologies LLC acquired a new stake in shares of Petros Pharmaceuticals in the 2nd quarter valued at approximately $34,000. Virtu Financial LLC bought a new stake in shares of Petros Pharmaceuticals during the 4th quarter valued at approximately $35,000. Schonfeld Strategic Advisors LLC acquired a new position in Petros Pharmaceuticals during the 2nd quarter worth approximately $47,000. Finally, Vanguard Group Inc. lifted its stake in Petros Pharmaceuticals by 114.8% in the 3rd quarter. Vanguard Group Inc. now owns 255,914 shares of the company’s stock valued at $131,000 after purchasing an additional 136,773 shares during the last quarter. Institutional investors own 12.34% of the company’s stock.

Petros Pharmaceuticals Company Profile

Petros Pharmaceuticals, Inc, a pharmaceutical company, focuses on men's health therapeutics in the United States and internationally. It operates through two segments, Prescription Medications and Medical Devices. The company engages in the commercialization and development of Stendra, an PDE-5 inhibitor prescription medication for the treatment of erectile dysfunction (ED).