Processa Pharmaceuticals Inc (NASDAQ:PCSA) Stock Continues to Trend Higher After Shareholder Update
In recent days, there have been some stocks that have managed to come into focus in a big way and deliver handsome returns. One such stock is that of Processa Pharmaceuticals Inc. (NASDAQ:PCSA). Yesterday, the stock continued to be on an upward curve as it ended the day with gains of 20%. That took the gains over the past week to as much as 45%.
The clinical-stage pharmaceutical firm, which is involved in the development of advanced chemotherapy drugs, was in the news cycle on November 29. The company announced that its Chief Executive Officer, George Ng, had issued a letter to its shareholders.
In the letter, the company’s CEO noted that he had been hired in the position not too long ago after Processa Pharmaceuticals had made its pivot to oncology drug development. He went on to add that the company was going to continue its work in developing NCC (Next Generation Chemotherapy) agents, a decision that had been made earlier in 2023.
The aims would remain the same under Ng. He also stated that much of the experience that he possessed was in the field of oncology and in overseeing business transactions. He noted that chemotherapy drugs would remain an important part of the treatment for cancer patients despite the emergence of immuno-oncology as well as other drugs and treatments.
The CEO also cited numbers from Straits Research, which estimated that the chemotherapy market was worth $9.5 billion in 2022 and, up until 2031, would grow at a CAGR of 7.1%. He spoke about some of the shortcomings of chemotherapy as well and went on to note that Processa could address many of those shortcomings by providing patients with potentially safer and more effective options. Investors could consider keeping an eye on the stock given the latest gains.
