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H.C. Wainwright has adjusted its outlook on Processa Pharmaceuticals (NASDAQ: PCSA), reducing the 12-month price target to $6.00 from the previous $8.00. Despite the cut, the firm maintained a Buy rating on the stock. The adjustment follows Processa Pharmaceuticals' recent financial results for the second quarter of 2024.
The company ended the quarter with approximately $5.6 million in cash and cash equivalents. This amount is expected to support the company's operations through the end of the current year. In July, Processa announced that the U.S. Food and Drug Administration (FDA) had cleared the Investigational New Drug (IND) application for its leading product candidate, a next-generation capecitabine (NGC-Cap).
Processa reported a net loss of $1.01 per share for the quarter, which was closely aligned with H.C. Wainwright's forecast of a $0.98 per share loss. The firm anticipates that Processa will post a net loss of $3.78 per share for the full year of 2024, which is expected to narrow to a loss of $2.12 per share in 2025.
The reduction in the price target to $6.00 from $8.00 is attributed to the potential for projected equity dilution.
In other recent news, Processa Pharmaceuticals has made significant strides in its clinical trials and corporate developments. The U.S. Food and Drug Administration (FDA) has approved the company's Investigational New Drug (IND) application, paving the way for a Phase 2 clinical trial of Next Generation Capecitabine (NGC-Cap), Processa's lead product candidate, in patients with advanced or metastatic breast cancer. The trial is set to begin enrollment this quarter with initial data expected by mid-2025.
Processa recently appointed Russell L. Skibsted as Chief Financial Officer, succeeding the retiring James Stanker. Skibsted brings three decades of experience within the pharmaceutical industry to his new role at Processa.
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