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

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) was the recipient of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 333,200 shares, a growth of 365.4% from the November 30th total of 71,600 shares. Based on an average daily trading volume, of 347,900 shares, the days-to-cover ratio is currently 1.0 days. Currently, 10.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

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

Processa Pharmaceuticals Stock Up 8.6 %

Shares of NASDAQ PCSA traded up $0.08 during midday trading on Thursday, hitting $0.95. 102,063 shares of the company’s stock were exchanged, compared to its average volume of 1,105,133. The firm has a market capitalization of $3.09 million, a PE ratio of -0.28 and a beta of 0.66. Processa Pharmaceuticals has a 12 month low of $0.81 and a 12 month high of $9.10. The company’s 50 day moving average price is $1.10 and its 200 day moving average price is $1.41.

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.