top penny stocks today ATXI PTPI stock

If you’re looking for the best penny stocks to buy today, chances are you’re looking for trends. There are few ways to make money in the stock market as quickly as trading cheap stocks. In this case, momentum and catalysts are essential. These market events can help you determine the potential of a stock’s move. Is it just a speculative bet that something will happen later on? On the other hand, are there some solid fundamentals that could see a lasting move?

Today, we will look at a few of the top penny stocks today: Petros Pharmaceuticals Inc. (NASDAQ: PTPI) & Avenue Therapeutics, Inc. (NASDAQ: ATXI). If you’re putting together your list of penny stocks today, these may be on it for a few different reasons.

Top Penny Stocks Today: What To Know About Avenue Therapeutics, Inc. (NASDAQ:ATXI)

Biotech stocks have been very volatile over the last few months. Look at the iShares Nasdaq Biotech ETF (NASDAQ: IBB), for example, and you’ll see what I’m talking about. The IBB ETF has been under pressure trying to reclaim some more considerable losses during the 4th quarter.

Read more: Best Penny Stocks to Buy This Week? 3 to Watch in December 2021

Although this is the case, there are still plenty of individual biotech stocks to watch right now. Today, Avenue Therapeutics, Inc. & Petros Pharmaceuticals are the latest to follow suit.

What Does Avenue Therapeutics, Inc. Do?

Avenue Therapeutics focuses on offering alternatives for reducing the use of conventional opioids in treating acute pain. Similar to the overall biotech sector, shares of ATXI have not only been volatile but have also come under some selling pressure over the last few months.

The most significant bearish catalyst came during the summer when Avenue announced its pain management treatment candidate, IV tramadol received a negative FDA response. In particular, the complete response letter from the FDA expressed concern about the “delayed and unpredictable” onset of analgesia with the treatment.

ATXI Stock News

This month, the company’s IV tramadol treatment is once again in the spotlight. This time, however, it’s become a favorable catalyst in the stock market. Today the company announced that the FDA would host a joint meeting of the Anesthetic and Analgesic Drug Products Advisory Committee and the Drug Safety and Risk Management Advisory Committee tentatively on February 15. The committees will discuss IV tramadol and the proposed New Drug Application from Avenue Therapeutics.

So if ATXI stock is on your list right now, you’ll need to keep more than February 15, 2022, in mind. The FDA has explained that a response from the Office of New Drugs will be within 30 days after the Advisory Committee meeting.

ATXI Closes $2.6 Million Offering

Another thing to keep in mind is that many biotechs constantly raise funds to sustain operations. With so much time spent during the trial phases, there are few ways to generate revenue. In this case, it’s also important to keep tabs on how much and at what price companies are taking on new capital.

Earlier this month, Avenue announced that it formally closed its latest round of financing. The company managed to receive $2.6 million in proceeds from the sale of 1.946 million shares. This boiled down to a price per share of $1.34.

Read more: 3 Penny Stocks Cathie Wood’s ARK Invest Bought In 2021, Will You?

While the market didn’t like it at the time, right now, this is right around the current trading level of ATXI stock. Now, with fresh cash in hand and a clear path forward for potentially moving IV tramadol further with this New Drug Application, it will be interesting to see how the market responds as February 15, 2022, gets closer.

Read More On ATXI Stock:

top penny stocks today Avenue Therapeutics ATXI stock chart

Top Penny Stocks Today: What To Know About Petros Pharmaceuticals, Inc. (NASDAQ:PTPI)

Petros Pharmaceuticals is one of the penny stocks we discussed this weekend in our article, “Hot Penny Stocks to Add to Your Watchlist in December.” This was a follow-up piece to an update we made earlier in the month discussing the progress made with the sales growth of STENDRA tablets thanks to its digital health marketing agreement with Hims & Hers Health Inc. (NASDAQ: HIMS). The company reported that it experienced a 476% year-over-year uptick in STENDRA sales.

As it stands, Petros focuses on men’s health and has built its business around developing, acquiring, and/or commercializing myriad therapeutics targeting this niche market.

PTPI Stock News

This week PTPI stock surged during premarket and early morning trade. The penny stock gapped up more than 90%. Though there weren’t any clear headlines, last week’s volatility appears to have continued in the stock market today, and there are a few specific things to consider right now.

First, Petros filed a proxy statement early last week highlighting details for the upcoming Annual Meeting in December. Up for vote include proposals to:

  • Elect the five directors named in the accompanying Proxy Statement to the Board of Directors of the Company to serve one-year terms expiring in 2022;
  • Approve a proposed amendment to the Petros Pharmaceuticals, Inc. 2020 Omnibus Incentive Compensation Plan, as amended, to increase the aggregate number of shares available for the grant of awards by 1,521,654 shares, to a total of 2,600,000 shares;
  • Ratify the appointment of EisnerAmper LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021;
  • Approve, on an advisory basis, the compensation paid to our named executive officers;
  • Approve, on an advisory basis, of the frequency of future advisory votes on the compensation to be paid to our named executive officers; and
  • Transact such other business that is properly presented at the Annual Meeting and any adjournments or postponements thereof.

The company recommends voting FOR proposals 1-5 according to the Proxy. In addition to this sparking bullishness in the stock, some unrelated news from Hims & Hers may have also helped build some speculative momentum in the stock market today.

HIMS Stock News

In a press release on Monday, Hims & Hers announced that customers in select cities can have products delivered through the Uber Eats app (NYSE: UBER).

“We have found that adding in the on-demand factor to Hims & Hers products is a game-changer for many consumers…BairdOur relationship with Uber will be the biggest on-demand push we’ve pursued to-date, and we are incredibly pleased to offer the ability for so many more people to be able to access our high quality health and wellness products when they need them.”

Chief Operating Officer of Hims & Hers Melissa

While this may not have much to do with Petros directly, the general relationship with Hims & Hers could be one facet the market has fixated on right now.

Read More On PTPI Stock:

top penny stocks today Petros Pharmaceuticals PTPI stock chart

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