Pasithea Therapeutics (NASDAQ:KTTA) Shares Down 2.7% – Time to Sell?

Pasithea Therapeutics Corp. (NASDAQ:KTTA) shares were down 2.7% during trading on Friday. The stock traded as low as $0.4748 and last traded at $0.4760. Approximately 59,809 shares were traded during trading, a decline of 63% from the average daily volume of 161,023 shares. The stock had previously closed at $0.4891.

Wall Street Analysts Forecast Growth

KTTA has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Pasithea Therapeutics in a report on Tuesday, June 16th. Zacks Research downgraded Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pasithea Therapeutics in a research report on Monday, September 21st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.00.

Pasithea Therapeutics Stock Performance

The company has a market capitalization of $15.90 million, a price-to-earnings ratio of -0.30 and a beta of 0.34. The business’s 50-day simple moving average is $0.51 and its 200-day simple moving average is $0.61.

Pasithea Therapeutics (NASDAQ:KTTA) last issued its earnings results on Friday, August 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). On average, analysts forecast that Pasithea Therapeutics Corp. will post -0.76 earnings per share for the current year.

Institutional Trading of Pasithea Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Opaleye Management Inc. bought a new position in shares of Pasithea Therapeutics in the 2nd quarter worth $1,057,000. Renaissance Technologies LLC bought a new stake in Pasithea Therapeutics in the first quarter valued at about $69,000. Finally, AdvisorShares Investments LLC lifted its stake in Pasithea Therapeutics by 10.8% in the first quarter. AdvisorShares Investments LLC now owns 337,508 shares of the company’s stock valued at $250,000 after buying an additional 32,787 shares during the period. Institutional investors own 23.92% of the company’s stock.

Pasithea Therapeutics Company Profile

Pasithea Therapeutics Corp. (NASDAQ: KTTA) is a biotechnology company focused on developing novel therapies for serious diseases. The company’s current research and development activities center on PAS-004, an investigational allosteric MEK1/2 inhibitor designed to target the RAS/MAPK signaling pathway.

PAS-004 is being developed for potential use in conditions associated with abnormal pathway activation, including certain cancers and rare genetic disorders known as RASopathies. The program is intended to address limitations associated with earlier MEK inhibitors, although it remains an investigational product and has not been approved for commercial use.

Pasithea was originally established with a focus on innovative treatments for central nervous system disorders, including psychedelic-based approaches for mental health conditions.