Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) Sees Large Decrease in Short Interest

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) was the target of a large decline in short interest in June. As of June 30th, there was short interest totalling 68,400 shares, a decline of 51.9% from the June 15th total of 142,200 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 2.7% of the shares of the company are sold short.

Processa Pharmaceuticals Trading Up 5.9 %

NASDAQ PCSA traded up $0.10 during midday trading on Friday, hitting $1.80. The company had a trading volume of 35,133 shares, compared to its average volume of 1,429,435. The firm has a 50-day moving average price of $1.88 and a 200-day moving average price of $2.69. The company has a market capitalization of $5.15 million, a PE ratio of -0.36 and a beta of 0.60. Processa Pharmaceuticals has a twelve month low of $1.40 and a twelve month high of $18.00.

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Processa Pharmaceuticals in a research report on Wednesday, June 12th.

Hedge Funds Weigh In On Processa Pharmaceuticals

An institutional investor recently bought a new position in Processa Pharmaceuticals stock. Spinnaker Trust acquired a new stake in shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 76,865 shares of the company’s stock, valued at approximately $26,000. Spinnaker Trust owned approximately 6.25% of Processa Pharmaceuticals at the end of the most recent reporting period. Hedge funds and other institutional investors own 91.93% of the company’s stock.

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.