Short Interest in Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) Grows By 429.6%

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) was the recipient of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 189,600 shares, a growth of 429.6% from the March 31st total of 35,800 shares. Approximately 8.3% of the company’s shares are short sold. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is currently 0.1 days.

Processa Pharmaceuticals Trading Up 50.0 %

Shares of NASDAQ PCSA traded up $0.81 during trading hours on Thursday, reaching $2.43. The stock had a trading volume of 77,069,224 shares, compared to its average volume of 2,275,391. The firm has a 50-day moving average of $2.20 and a 200-day moving average of $5.60. The firm has a market cap of $6.95 million, a price-to-earnings ratio of -0.33 and a beta of 0.53. Processa Pharmaceuticals has a fifty-two week low of $1.40 and a fifty-two week high of $18.00.

Processa Pharmaceuticals (NASDAQ:PCSA) last issued its quarterly earnings data on Friday, March 29th. The company reported ($0.24) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. HC Wainwright initiated coverage on shares of Processa Pharmaceuticals in a research note on Thursday. They issued a “buy” rating and a $8.00 price target on the stock. Benchmark reaffirmed a “speculative buy” rating on shares of Processa Pharmaceuticals in a research report on Wednesday, March 6th.

Insider Buying and Selling

In related news, insider David Young acquired 21,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average price of $2.45 per share, with a total value of $51,450.00. Following the completion of the transaction, the insider now owns 79,387 shares of the company’s stock, valued at $194,498.15. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider David Young bought 21,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were purchased at an average cost of $2.45 per share, for a total transaction of $51,450.00. Following the completion of the purchase, the insider now owns 79,387 shares of the company’s stock, valued at $194,498.15. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO George K. Ng purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average price of $2.70 per share, with a total value of $27,000.00. Following the purchase, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at $54,000. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 41,500 shares of company stock valued at $105,895. Company insiders own 22.20% of the company’s stock.

Institutional Trading of Processa Pharmaceuticals

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

Processa Pharmaceuticals Company Profile

Processa Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on developing the 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.