H.C. Wainwright analyst Raghuram Selvaraju initiated coverage of Processa Pharmaceuticals with a Buy rating and $8 price target. The company is optimizing existing chemotherapeutic agents to enhance safety, tolerability and effectiveness for a wide array of cancer sufferers, the analyst tells investors in a research note. The firm says Processa aims to ameliorate patient quality of life and survival outcomes by improving upon FDA-approved, widely used oncology drugs or the cancer-killing metabolites of these drugs by altering how they are metabolized and/or distributed in the body.
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