Pasithea Therapeutics Corp. (NASDAQ:KTTA) Shares Shorted: Short Interest Down 40.8% in September

Pasithea Therapeutics Corp. (NASDAQ:KTTA) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totaling 159,831 shares, a decrease of 40.8% from the September 15th total of 270,085 shares. Based on an average trading volume of 151,144 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.5% of the company’s stock are sold short.

Pasithea Therapeutics Stock Performance

KTTA stock opened at $0.41 on Thursday. The company’s 50 day moving average price is $0.51 and its 200 day moving average price is $0.58. Pasithea Therapeutics has a fifty-two week low of $0.28 and a fifty-two week high of $2.06.

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

Institutional Investors Weigh In On Pasithea Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of KTTA. Opaleye Management Inc. purchased a new stake in shares of Pasithea Therapeutics during the 2nd quarter worth $1,057,000. Renaissance Technologies LLC acquired a new position in shares of Pasithea Therapeutics during the first quarter worth $69,000. Finally, AdvisorShares Investments LLC grew its stake in shares of Pasithea Therapeutics by 10.8% during the first quarter. AdvisorShares Investments LLC now owns 337,508 shares of the company’s stock worth $250,000 after purchasing an additional 32,787 shares in the last quarter. 23.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on KTTA. Zacks Research lowered Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.00.

About Pasithea Therapeutics

Pasithea Therapeutics Corp. is a biotechnology company focused on developing treatments for central nervous system disorders and other serious diseases. The company’s research has included novel pharmaceutical therapies as well as psychedelic- and ketamine-assisted treatment approaches for conditions such as depression and other mental health disorders.

Pasithea’s development portfolio has included PAS-004, an orally administered MEK1/2 inhibitor designed to affect the RAS/MAPK signaling pathway.