10 Cheapest Stocks Insiders Are Buying Recently

3. Processa Pharmaceuticals, Inc. (NASDAQ:PCSA)

Average price per share: $0.80

Market capitalization: $2.784 million

Third among penny stocks that have seen interest from insiders recently is another pharmaceutical company – Processa Pharmaceuticals. The Hanover, Maryland-headquartered company relies on a unique approach to developing oncology treatments. Processa Pharmaceuticals is focused on improving the safety and efficacy of existing cancer treatments. Its treatments are modifications of existing FDA-approved oncology drugs that keep the same mechanisms of killing the cancer cells.

On January 27, four insiders, including the company’s CEO, purchased $213,411 worth of Processa Pharmaceuticals shares at an average price of $0.80 per share. These acquisitions are a part of the company’s $5 million public offering priced at the market under NASDAQ rules.

Currently, the stock is trading at $0.59 per share, having declined 33.22% year-to-date. Over the last 12 months, its shares lost 76.30%.

For the third quarter of 2024, Processa Pharmaceuticals reported research and development expenses of $2.3 million, compared with $1.2 million for the third quarter of 2023. General and administrative expenses were $1.1 million, which compares to $1.0 million for the same period of the prior year. Net loss for the quarter reached $3.4 million, or $1.03 per share, compared with net loss of $2.1 million, or $1.54 per share in the comparable period of 2023. As of September 30, 2024, cash and cash equivalents were $2.9 million.

According to two analysts, the stock is a “Strong Buy,” with a 12-month stock price target of $5.0, as per data from StockAnalysis.