We study the nature of the new signal reported by LHCb in the J/ψp 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 P_{c}(4312)^{+} peak. By exploring several amplitude parametrizations, we find evidence for the attractive effect of the Σ_{c}^{+}D[over ¯]^{0} channel, which is not strong enough, however, to form a bound state.