Maxim cuts PT on Processa on higher discount rates
12/01/2023 16:02
** Maxim Group cuts drug developer Processa Pharmaceuticals
Inc's shares PCSA.O to $5 from $9; maintains "buy" rating
** Maxim increases stock's discount rate to 35% from 30% in
view of increasing market risks, affecting the PT
** Brokerage pushes back expected launch to 2026 from 2025
for co's drug to treat necrobiosis lipidica, a rare skin
condition causing collagen degeneration
** Expects PCSA to partner with a larger co on the skin
drug, as it shifts focus to oncology segment
** YTD, stock is up ~14%
(Reporting by Anirban Chakroborti in Bengaluru)
((Anirban.Chakroborti@thomsonreuters.com;))