Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) Short Interest Down 28.5% in March

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) saw a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 95,300 shares, a drop of 28.5% from the February 28th total of 133,200 shares. Based on an average daily trading volume, of 218,700 shares, the days-to-cover ratio is presently 0.4 days. Approximately 2.1% of the company’s shares are sold short.

Insiders Place Their Bets

In other news, CEO George K. Ng bought 87,200 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was bought at an average cost of $0.80 per share, for a total transaction of $69,760.00. Following the acquisition, the chief executive officer now directly owns 87,200 shares of the company’s stock, valued at $69,760. The trade was a ? increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David Young bought 124,500 shares of the company’s stock in a transaction on Monday, January 27th. The stock was purchased at an average cost of $0.80 per share, with a total value of $99,600.00. Following the completion of the transaction, the insider now owns 205,405 shares in the company, valued at $164,324. This represents a 153.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 224,100 shares of company stock valued at $179,280 over the last 90 days. 13.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Processa Pharmaceuticals in a research note on Thursday, December 5th.

Processa Pharmaceuticals Trading Down 0.3 %

NASDAQ:PCSA traded down $0.00 during midday trading on Friday, reaching $0.39. The company had a trading volume of 48,387 shares, compared to its average volume of 768,874. The stock’s fifty day simple moving average is $0.55 and its 200-day simple moving average is $0.92. Processa Pharmaceuticals has a 12-month low of $0.36 and a 12-month high of $3.31. The firm has a market capitalization of $2.05 million, a price-to-earnings ratio of -0.11 and a beta of 0.75.

Processa Pharmaceuticals (NASDAQ:PCSA) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.74) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.18. As a group, sell-side analysts expect that Processa Pharmaceuticals will post -4.05 EPS for the current year.

About Processa Pharmaceuticals

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.