Pasithea Therapeutics Corp. (NASDAQ:KTTA) Sees Significant Decrease in Short Interest

Pasithea Therapeutics Corp. (NASDAQ:KTTA) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totaling 159,831 shares, a decline 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 presently 1.1 days. Approximately 0.5% of the shares of the stock are short sold.

Pasithea Therapeutics Trading Up 2.4%

NASDAQ:KTTA traded up $0.01 during trading hours on Friday, hitting $0.42. 209,310 shares of the stock traded hands, compared to its average volume of 131,678. The firm has a 50 day moving average price of $0.50 and a 200 day moving average price of $0.58. Pasithea Therapeutics has a fifty-two week low of $0.28 and a fifty-two week high of $2.06. The firm has a market cap of $14.03 million, a price-to-earnings ratio of -0.27 and a beta of 0.34.

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

Hedge Funds Weigh In On Pasithea Therapeutics

A number of hedge funds have recently made changes to their positions in KTTA. Opaleye Management Inc. acquired a new stake in shares of Pasithea Therapeutics in the second quarter valued at approximately $1,057,000. Renaissance Technologies LLC acquired a new position in Pasithea Therapeutics during the first quarter worth $69,000. Finally, AdvisorShares Investments LLC boosted its stake 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 buying an additional 32,787 shares during the last quarter. Institutional investors and hedge funds own 23.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Zacks Research downgraded shares of Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pasithea Therapeutics in a report on Monday, September 21st. One 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 has a consensus rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Company Profile

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.