Pasithea Therapeutics (NASDAQ:KTTA) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Pasithea Therapeutics (NASDAQ:KTTA) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

A number of other research firms have also recently issued reports on KTTA. Weiss Ratings reissued a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Wednesday, June 24th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Pasithea Therapeutics in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.00.

Pasithea Therapeutics Trading Up 4.1%

Shares of KTTA opened at $0.50 on Monday. Pasithea Therapeutics has a 12 month low of $0.28 and a 12 month high of $2.06. The stock’s 50 day moving average is $0.50 and its two-hundred day moving average is $0.67. The firm has a market cap of $16.63 million, a P/E ratio of -0.31 and a beta of 0.29.

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

Institutional Investors Weigh In On Pasithea Therapeutics

A number of large investors have recently modified their holdings of KTTA. Two Sigma Investments LP acquired a new stake in shares of Pasithea Therapeutics in the third quarter valued at about $26,000. Citadel Advisors LLC grew its stake in Pasithea Therapeutics by 43.7% during the 3rd quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock valued at $48,000 after acquiring an additional 20,483 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Pasithea Therapeutics during the 1st quarter valued at about $69,000. Geode Capital Management LLC raised its holdings in Pasithea Therapeutics by 113.9% in the 4th 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 during the last quarter. Finally, Jane Street Group LLC raised its holdings in Pasithea Therapeutics by 137.0% in the 4th 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 during the last quarter. 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.