Processa Pharmaceuticals (NASDAQ:PCSA) Shares Down 6.2%

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) fell 6.2% during mid-day trading on Wednesday . The stock traded as low as $1.80 and last traded at $1.81. 23,146 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,494,981 shares. The stock had previously closed at $1.93.

Analysts Set New Price Targets

A number of analysts have recently commented on PCSA shares. Benchmark reiterated a “speculative buy” rating on shares of Processa Pharmaceuticals in a research report on Wednesday, March 6th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Processa Pharmaceuticals in a research note on Wednesday, June 12th.

Processa Pharmaceuticals Stock Down 6.2 %

The firm has a market capitalization of $5.18 million, a PE ratio of -0.37 and a beta of 0.60. The business’s fifty day moving average price is $1.95 and its 200 day moving average price is $3.03.

Processa Pharmaceuticals (NASDAQ:PCSA) last posted its quarterly earnings data on Friday, May 10th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.07. On average, analysts anticipate that Processa Pharmaceuticals, Inc. will post -3.9 earnings per share for the current year.

Hedge Funds Weigh In On Processa Pharmaceuticals

An institutional investor recently bought a new position in Processa Pharmaceuticals stock. Spinnaker Trust purchased a new position in shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 76,865 shares of the company’s stock, valued at approximately $26,000. Spinnaker Trust owned approximately 6.25% of Processa Pharmaceuticals as of its most recent SEC filing. Institutional investors own 91.93% of the company’s stock.

Processa Pharmaceuticals Company Profile

Processa Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops chemotherapy drugs to improve the safety and efficacy of cancer treatment. Its drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution of drugs while maintaining the existing mechanisms of killing the cancer cells.