Interpretation of the LHCb $P_c$(4312)$^+$ Signal

We study the nature of the new signal reported by LHCb in the J/psi p spectrum. Based on the S-matrix principles, we perform a minimum-bias analysis of the underlying reaction amplitude, focusing on the analytic properties that can be related to the microscopic origin of the Pc(4312) peak. By exploring several amplitude parametrizations, we find evidence for the attractive effect of the Sigma_c+ D0bar channel, which is not strong enough, however, to form a bound state.