The use of Virtual Reality (VR) in applications such as data analysis, artistic creation, and clinical settings requires high precision input. However, the current design of handheld controllers, where wrist rotation is the primary input approach, does not exploit the human fingers' capability for dexterous movements for high precision pointing and selection. To address this issue, we investigated the characteristics and potential of using a pen as a VR input device. We conducted two studies. The first examined which pen grip allowed the largest range of motion---we found a tripod grip at the rear end of the shaft met this criterion. The second study investigated target selection via 'poking' and ray-casting, where we found the pen grip outperformed the traditional wrist-based input in both cases. Finally, we demonstrate potential applications enabled by VR pen input and grip postures.