Zacks Research Upgrades Pasithea Therapeutics (NASDAQ:KTTA) to “Hold”

Pasithea Therapeutics (NASDAQ:KTTA) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other research firms also recently weighed in on KTTA. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Friday, March 27th. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Pasithea Therapeutics in a research note on Monday, April 20th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Price Performance

Shares of KTTA stock opened at $0.65 on Monday. Pasithea Therapeutics has a 1-year low of $0.28 and a 1-year high of $2.06. The stock’s fifty day moving average price is $0.74 and its 200 day moving average price is $0.85. The company has a market cap of $16.09 million, a price-to-earnings ratio of -0.31 and a beta of 0.25.

Pasithea Therapeutics (NASDAQ:KTTA) last announced its earnings results on Friday, May 15th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.33. As a group, equities research analysts anticipate that Pasithea Therapeutics will post -0.76 earnings per share for the current year.

Institutional Trading of Pasithea Therapeutics

Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC purchased a new stake in Pasithea Therapeutics during the 4th quarter valued at about $2,720,000. Vivo Capital LLC purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $2,709,000. Squadron Capital Management LLC purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $2,709,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $2,709,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Pasithea Therapeutics in the fourth quarter worth about $375,000. Hedge funds and other institutional investors own 23.92% of the company’s stock.

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.