Processa Pharmaceuticals (PCSA) PT Lowered to $2 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju lowered the price target on Processa Pharmaceuticals (NASDAQ: PCSA) to $2.00 (from $6.00) while maintaining a Buy rating.

The analyst commented: "We remind investors that Processa Pharmaceuticals is continuing to conduct a Phase 2 trial evaluating NGC-Cap for the treatment of advanced or metastatic breast cancer. We are optimistic that this Phase 2 trial shall build upon the positive Phase 1b results previously observed with this candidate and interim data from this Phase 2 trial are slated to be released in 2H25—we believe that these results should become available early in the fourth quarter of this year. The Phase 2 study is a global, multi-center, open-label, adaptively designed safety and efficacy trial comparing two different doses of NGC-Cap to FDA-approved monotherapy capecitabine in 60 to 90 patients with advanced or metastatic breast cancer. The trial is designed to evaluate the safety-efficacy profile of NGC-Cap versus monotherapy capecitabine, to determine the optimal dosage regimens of NGC-Cap as required by the FDA Project Optimus Initiative and to evaluate the possibility of personalizing NGC-Cap therapy. After taking into account the dilution associated with the securities issued in the recent equity financing and the company's future cash needs, we reiterate our Buy rating, while reducing our 12-month price target to $2 from the prior $6 per share."

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