Processa Pharmaceuticals Inc. (NASDAQ:PCSA) shares soared 37.5% to $0.50 during after-hours trading on Tuesday.
This came after a solid 29.03% gain during the regular session, closing at $0.36, according to Benzinga Pro data.
Check out the current price of PCSA stock here.
Despite this surge, the clinical-stage drug company has faced a tough year, with shares down 71.43% over the past 12 months and still down 59.09% year to date. However, the stock has shown signs of recovery more recently, gaining 50% over the last six months.
Phase 2 Trial Status
Processa Pharmaceuticals is currently running a Phase 2 clinical trial testing next-generation capecitabine (NGC)-Cap as a treatment for advanced or metastatic breast cancer. The first patient was treated in October 2024. This global, multicenter study will compare two different doses of NGC-Cap with the Food and Drug Administration (FDA)-approved drug capecitabine, involving between 60 and 90 patients.
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Clinical Development Progress
David Young, President of Research and Development at Processa, stated at the time, “Dosing the first patient in this Phase 2 trial is a significant step in the development of NGC-Cap.”
The Hanover-based company expects to announce interim analysis results in mid-2025.
Social Media Buzz
The stock has gained attention on social media.
Market Context
Breast cancer presents a major market opportunity, with more than 2 million cases diagnosed worldwide in 2022 and a five-year survival rate of about 30% for metastatic cases.
PCSA reported a loss of 25 cents per share for second quarter on Aug. 5, wider than the 23-cent loss analysts expected. The company generated no revenue during the quarter.
Third-quarter earnings are scheduled to be reported on October 29.
The biotech has traded between $0.15 and $1.50 over the past year, with an average daily volume of 3.95 million shares and a market capitalization of $18.06 million.
Benzinga’s Edge Stock Rankings indicate that PCSA is experiencing long-term consolidation. Know how its momentum lines up with other well-known names.
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