Oppenheimer Starts Processa Pharmaceuticals (PCSA) at Outperform

Oppenheimer analyst Francois Brisebois initiates coverage on Processa Pharmaceuticals (NASDAQ: PCSA) with a Outperform rating and a price target of $20.00.

The analyst comments "PCSA isn't your typical biotech company. Led by CEO Dr. David Young (former CSO at Questcor), this under-followed clinical-stage company isn't limited to a certain disease area. As a drug developer, PCSA in-licenses candidates with efficacy evidence to fulfill unmet medical needs in a de-risked manner. In chronological order (first to market), its initial value driver is PCS499 for a rare dermatological condition called ulcerative necrobiosis lipoidica (uNL). Following encouraging P2a, interim P2b data readout is expected in 1H22. PCSA also has an oncology pipeline (PCS3117 and PCS6422) targeting multiple cancers by potentially overcoming gemcitabine and capecitabine's shortcomings. Although fairly early, we view PCSA as under-covered and undervalued and are initiating with an Outperform and $20 price target."

For an analyst ratings summary and ratings history on Processa Pharmaceuticals click here. For more ratings news on Processa Pharmaceuticals click here.

Shares of Processa Pharmaceuticals closed at $5.98 yesterday.

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