Zacks Research Downgrades Pasithea Therapeutics (NASDAQ:KTTA) to Hold

Pasithea Therapeutics (NASDAQ:KTTA) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Wednesday, June 24th. HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Pasithea Therapeutics in a research note on Tuesday, June 16th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.00.

Pasithea Therapeutics Stock Performance

Pasithea Therapeutics stock opened at $0.50 on Monday. The stock has a 50-day moving average of $0.50 and a two-hundred day moving average of $0.67. Pasithea Therapeutics has a one year low of $0.28 and a one year high of $2.06. The stock has a market cap of $16.63 million, a PE ratio of -0.31 and a beta of 0.29.

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

Institutional Investors Weigh In On Pasithea Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Two Sigma Investments LP purchased a new position in shares of Pasithea Therapeutics during the 3rd quarter valued at about $26,000. Citadel Advisors LLC grew its holdings in Pasithea Therapeutics by 43.7% during the third quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock worth $48,000 after acquiring an additional 20,483 shares during the period. Renaissance Technologies LLC acquired a new stake in Pasithea Therapeutics during the first quarter worth about $69,000. Geode Capital Management LLC raised its position in 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 acquiring an additional 29,020 shares in the last quarter. Finally, Jane Street Group LLC raised its position in 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 acquiring an additional 34,319 shares in the last quarter. 23.92% of the stock is owned by hedge funds and other institutional investors.

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.