Processa Pharmaceuticals price target lowered to $2 from $6 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Processa Pharmaceuticals (PCSA) to $2 from $6 and keeps a Buy rating on the shares after the company recently announced that it had raised a total of $7M in gross proceeds from an equity financing involving the sale of common shares, pre-funded warrants and warrants to purchase common stock. The equity financing lengthens the runway through key clinical development milestone, but the firm is lowering its price target to account for dilution, the analyst noted.