Pasithea Therapeutics (NASDAQ:KTTA) Shares Down 4.9% – What’s Next?

Pasithea Therapeutics Corp. (NASDAQ:KTTA) shares fell 4.9% on Wednesday . The stock traded as low as $0.5507 and last traded at $0.5697. Approximately 210,205 shares changed hands during trading, an increase of 12% from the average session volume of 186,975 shares. The stock had previously closed at $0.5990.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on KTTA shares. Weiss Ratings restated a “sell (e+)” rating on shares of Pasithea Therapeutics in a report on Wednesday, June 24th. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Pasithea Therapeutics in a research report on Tuesday, June 16th. Finally, Zacks Research cut Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.00.

Pasithea Therapeutics Stock Performance

The company has a 50 day moving average price of $0.50 and a 200 day moving average price of $0.64. The company has a market capitalization of $17.71 million, a price-to-earnings ratio of -0.34 and a beta of 0.33.

Pasithea Therapeutics (NASDAQ:KTTA) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.16) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.16). Research analysts forecast that Pasithea Therapeutics Corp. will post -0.76 EPS for the current year.

Hedge Funds Weigh In On Pasithea Therapeutics

A number of large investors have recently modified their holdings of the company. Two Sigma Investments LP bought a new stake in Pasithea Therapeutics during the 3rd quarter valued at $26,000. Citadel Advisors LLC lifted its stake 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 valued at $48,000 after buying an additional 20,483 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Pasithea Therapeutics in the first quarter valued at $69,000. Geode Capital Management LLC grew its holdings in shares of Pasithea Therapeutics by 113.9% during the fourth quarter. Geode Capital Management LLC now owns 54,495 shares of the company’s stock valued at $70,000 after buying an additional 29,020 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Pasithea Therapeutics by 137.0% during the fourth quarter. Jane Street Group LLC now owns 59,372 shares of the company’s stock valued at $77,000 after buying an additional 34,319 shares during the last quarter. 23.92% of the stock is currently owned by institutional investors.

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.