Pasithea Therapeutics Corp. (NASDAQ:KTTA) Sees Large Drop in Short Interest

Pasithea Therapeutics Corp. (NASDAQ:KTTA) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totaling 122,487 shares, a decline of 37.0% from the March 15th total of 194,443 shares. Based on an average trading volume of 133,487 shares, the short-interest ratio is currently 0.9 days. Currently, 0.5% of the shares of the stock are short sold.

Pasithea Therapeutics Stock Performance

Shares of Pasithea Therapeutics stock traded down $0.04 during trading hours on Wednesday, hitting $0.75. The company’s stock had a trading volume of 1,067,641 shares, compared to its average volume of 679,908. The company has a market cap of $18.60 million, a PE ratio of -0.21 and a beta of 0.25. Pasithea Therapeutics has a 12-month low of $0.28 and a 12-month high of $3.79. The business has a 50 day moving average price of $0.78 and a two-hundred day moving average price of $0.85.

Pasithea Therapeutics (NASDAQ:KTTA) last posted its earnings results on Monday, March 30th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.71).

Institutional Investors Weigh In On Pasithea Therapeutics

Hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC lifted its position in shares of Pasithea Therapeutics by 43.7% in the third quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock worth $48,000 after buying an additional 20,483 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $375,000. Squadron Capital Management LLC purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $2,709,000. AdvisorShares Investments LLC lifted its position in shares of Pasithea Therapeutics by 33.1% in the third quarter. AdvisorShares Investments LLC now owns 257,696 shares of the company’s stock worth $186,000 after buying an additional 64,149 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Pasithea Therapeutics in the third quarter worth about $26,000. 23.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KTTA has been the topic of several research analyst reports. Zacks Research downgraded Pasithea Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Pasithea Therapeutics in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded Pasithea Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, January 18th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $3.00.

Pasithea Therapeutics Company Profile

Pasithea Therapeutics, Inc (NASDAQ: KTTA) is a clinical?stage biopharmaceutical company focused on the discovery, development and eventual commercialization of engineered antibody therapeutics for immunological diseases. Leveraging a proprietary discovery engine that integrates advanced computational biology, high-throughput screening and structural analysis, the company aims to identify and generate novel therapeutic molecules that modulate key immune pathways.

The company’s pipeline consists of multiple preclinical and early clinical candidates targeting autoimmune and inflammatory disorders.