Pasithea Therapeutics (NASDAQ:KTTA) Trading Down 1.6% – Should You Sell?

Pasithea Therapeutics Corp. (NASDAQ:KTTA)’s stock price was down 1.6% during trading on Wednesday . The stock traded as low as $0.4960 and last traded at $0.5115. 222,806 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,616,662 shares. The stock had previously closed at $0.5198.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on KTTA. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Pasithea Therapeutics in a research report on Tuesday, June 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pasithea Therapeutics in a research report on Wednesday, June 24th. Finally, Zacks Research upgraded Pasithea Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Pasithea Therapeutics currently has a consensus rating of “Hold” and an average target price of $3.00.

Pasithea Therapeutics Price Performance

The stock has a 50-day moving average price of $0.64 and a 200-day moving average price of $0.77. The firm has a market capitalization of $12.28 million, a PE ratio of -0.24 and a beta of 0.29.

Pasithea Therapeutics (NASDAQ:KTTA) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.33. As a group, equities research analysts predict that Pasithea Therapeutics Corp. will post -0.76 earnings per share for the current fiscal year.

Institutional Trading of Pasithea Therapeutics

A number of hedge funds have recently made changes to their positions in KTTA. Two Sigma Investments LP acquired a new stake in Pasithea Therapeutics in the third quarter valued at $26,000. Geode Capital Management LLC raised its stake in shares of Pasithea Therapeutics by 113.9% in the 4th quarter. Geode Capital Management LLC now owns 54,495 shares of the company’s stock valued at $70,000 after purchasing an additional 29,020 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Pasithea Therapeutics by 137.0% in the 4th quarter. Jane Street Group LLC now owns 59,372 shares of the company’s stock valued at $77,000 after purchasing an additional 34,319 shares in the last quarter. Citadel Advisors LLC lifted its position in shares of Pasithea Therapeutics by 43.7% during the third quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock worth $48,000 after purchasing an additional 20,483 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Pasithea Therapeutics during the first quarter worth about $69,000. Institutional investors and hedge funds own 23.92% of the company’s stock.

About Pasithea Therapeutics

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.