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

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

Analyst Ratings Changes

Several research analysts recently weighed in on KTTA shares. Zacks Research lowered shares of Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Pasithea Therapeutics in a research note on Tuesday, June 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Pasithea Therapeutics in a report 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Trading Down 2.7%

The firm has a market cap of $15.90 million, a P/E ratio of -0.30 and a beta of 0.34. The company has a fifty day moving average price of $0.51 and a two-hundred day moving average price of $0.61.

Pasithea Therapeutics (NASDAQ:KTTA) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). As a group, sell-side analysts expect that Pasithea Therapeutics Corp. will post -0.76 EPS for the current year.

Hedge Funds Weigh In On Pasithea Therapeutics

Hedge funds have recently made changes to their positions in the business. Opaleye Management Inc. bought a new stake in shares of Pasithea Therapeutics in the second quarter worth $1,057,000. AdvisorShares Investments LLC boosted its holdings in 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 during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Pasithea Therapeutics in the first quarter valued at $69,000. 23.92% of the stock is owned by institutional investors.

About Pasithea Therapeutics

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.