PCSA Stock Rallies 10% After Hours— Here’s Why

• CEO Ng George K bought 2,136 shares of the company for a total purchase value of about $5415, the filing shows.
• Overall, all the insiders cumulatively bought 16,175 shares of the company for a total purchase value of about $40,000. 
• Processa develops drugs for life-threatening and life-compromising chronic diseases.

Shares of Processa Pharmaceuticals, Inc. (PCSA) closed up 6% and edged up 10% after hours on Thursday after several insiders at the company, including the CEO, made share purchases.

According to filings made with the Securities and Exchange Commission, several insiders including Director Baluch Khoso, Chief Development Officer Bigora Sian, Chief Administrative Officer Guy Wendy, Chief Business Strategy Officer Lin Patrick, Chief Executive Officer Ng George K, Director Pannu Geraldine, Chief Financial Officer Skibsted Russell, President of Research & Development Young David all bought shares of the company at a price of about $2.535 on the last day of March.

CEO Ng George K bought 2,136 shares of the company for a total purchase value of about $5415, the filing shows. Overall, all the insiders cumulatively bought 16,175 shares of the company for a total purchase value of about $40,000.

About Processa

Processa develops drugs for life-threatening and life-compromising chronic diseases. Its pipeline includes NGC-Cap and NGC-Iri for the treatment of certain cancers, PCS12852 for gastroparesis and constipation disorders and PCS499 for primary glomerular diseases. While the company has completed early-to-mid stage studies for PCS12852 and PCS499, mid-stage trials are in process for NGC-Cap. NGC-Iri, meanwhile, is still in preclinical stages.

How Did Retail Traders React?

On Stocktwits, retail sentiment around PCSA stock rose from ‘bearish’ to ‘bullish’ territory over the past 24 hours, while message volume remained at ‘high’ levels.

“Nice to see the little token insider purchases apparent "ploy" working just as designed. Predictable, like death and taxes,” a Stocktwits user wrote.

Another voiced optimism for the stock rallying up to $20.

PCSA stock has lost nearly 63% over the past 12 months. 

Read More: LPCN Stock Crashes 78%— Here’s Why

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