  In this contribution we study the nature of the new Pc$(4312)^+$ signal
reported by LHCb collaboration in the $J/\psi\,p$ spectrum. We use $S$-matrix
principles to perform a minimum-bias analysis of the data, focusing on the
analytic properties that can be related to the microscopic origin of the
Pc$(4312)^+$ peak. Using the scattering length approximation we find evidence
for interpretation of the signal as a virtual state generated by the attractive
effect of the $\Sigma_c^+ \bar{D}^0$ channel opening.
