Pasithea Therapeutics Corp. (NASDAQ:KTTA) Short Interest Down 88.3% in December

Pasithea Therapeutics Corp. (NASDAQ:KTTA) was the recipient of a significant drop in short interest in the month of December. As of December 15th, there was short interest totaling 452,180 shares, a drop of 88.3% from the November 30th total of 3,857,828 shares. Based on an average trading volume of 1,987,890 shares, the short-interest ratio is presently 0.2 days. Currently, 2.1% of the company’s stock are sold short. Currently, 2.1% of the company’s stock are sold short. Based on an average trading volume of 1,987,890 shares, the short-interest ratio is presently 0.2 days.

Insider Activity at Pasithea Therapeutics

In other news, Director Lawrence Steinman acquired 133,333 shares of the firm’s stock in a transaction dated Friday, November 28th. The stock was purchased at an average price of $0.75 per share, for a total transaction of $99,999.75. Following the completion of the acquisition, the director directly owned 199,691 shares in the company, valued at $149,768.25. The trade was a 200.93% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders purchased a total of 199,999 shares of company stock worth $149,999 in the last ninety days. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AdvisorShares Investments LLC grew its position in Pasithea Therapeutics by 261.5% in the 2nd quarter. AdvisorShares Investments LLC now owns 193,547 shares of the company’s stock worth $140,000 after purchasing an additional 140,000 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Pasithea Therapeutics during the 3rd quarter worth approximately $26,000. Finally, Citadel Advisors LLC boosted its stake in shares of Pasithea Therapeutics by 43.7% in the 3rd quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock worth $48,000 after buying an additional 20,483 shares during the last quarter. 23.92% of the stock is currently owned by hedge funds and other institutional investors.

Pasithea Therapeutics Trading Down 0.9%

Pasithea Therapeutics stock traded down $0.01 during trading on Wednesday, hitting $1.15. 140,504 shares of the company were exchanged, compared to its average volume of 17,546,554. The company has a market capitalization of $25.76 million, a P/E ratio of -0.23 and a beta of 0.21. The business’s 50 day moving average is $0.88 and its 200 day moving average is $0.79. Pasithea Therapeutics has a 52 week low of $0.28 and a 52 week high of $3.85.

Pasithea Therapeutics (NASDAQ:KTTA) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.41) earnings per share for the quarter.

Analysts Set New Price Targets

Several research firms recently issued reports on KTTA. Weiss Ratings reissued a “sell (e+)” rating on shares of Pasithea Therapeutics in a research report on Monday. HC Wainwright assumed coverage on shares of Pasithea Therapeutics in a research note on Monday, December 8th. They issued a “buy” rating and a $3.00 price objective on the stock. Finally, Zacks Research upgraded shares of Pasithea Therapeutics to a “hold” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Company Profile

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.