Spinnaker Trust Buys Shares of 76,865 Processa Pharmaceuticals, Inc. (NASDAQ:PCSA)

Spinnaker Trust bought a new stake in Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) in the 4th quarter, HoldingsChannel reports. The fund bought 76,865 shares of the company’s stock, valued at approximately $26,000. Spinnaker Trust owned about 0.06% of Processa Pharmaceuticals at the end of the most recent reporting period.

Analysts Set New Price Targets

Several brokerages have weighed in on PCSA. HC Wainwright began coverage on shares of Processa Pharmaceuticals in a research note on Thursday. They issued a “buy” rating and a $8.00 target price for the company. Benchmark reiterated a “speculative buy” rating on shares of Processa Pharmaceuticals in a research note on Wednesday, March 6th.

Processa Pharmaceuticals Trading Down 11.5 %

Shares of Processa Pharmaceuticals stock traded down $0.28 during trading on Friday, hitting $2.15. 1,856,628 shares of the company’s stock were exchanged, compared to its average volume of 4,279,850. The business has a 50-day simple moving average of $2.19 and a 200-day simple moving average of $5.59. Processa Pharmaceuticals, Inc. has a 52-week low of $1.40 and a 52-week high of $18.00.

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

Insider Buying and Selling at Processa Pharmaceuticals

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

Processa Pharmaceuticals 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.