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

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 73,100 shares, a decline of 24.9% from the October 31st total of 97,400 shares. Based on an average trading volume of 64,800 shares, the days-to-cover ratio is currently 1.1 days. Currently, 2.5% of the shares of the stock are short sold.

Processa Pharmaceuticals Stock Performance

NASDAQ:PCSA traded up $0.15 during mid-day trading on Friday, hitting $1.13. 36,549 shares of the company’s stock traded hands, compared to its average volume of 1,109,818. Processa Pharmaceuticals has a 1 year low of $0.85 and a 1 year high of $17.40. The firm’s 50 day simple moving average is $1.20 and its 200 day simple moving average is $1.52.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Processa Pharmaceuticals in a report on Thursday, October 3rd.

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.