HC Wainwright Reiterates Buy Rating for Pasithea Therapeutics (NASDAQ:KTTA)

Pasithea Therapeutics (NASDAQ:KTTA)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $3.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 309.84% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pasithea Therapeutics in a report on Friday, March 27th. Zacks Research downgraded Pasithea Therapeutics from a “hold” rating to a “strong sell” rating in a report on Thursday, April 2nd. Finally, Wall Street Zen raised Pasithea Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, January 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Pasithea Therapeutics presently has an average rating of “Reduce” and a consensus target price of $3.00.

Pasithea Therapeutics Trading Down 1.4%

Shares of KTTA traded down $0.01 during mid-day trading on Monday, hitting $0.73. 1,755,037 shares of the company’s stock were exchanged, compared to its average volume of 339,374. Pasithea Therapeutics has a fifty-two week low of $0.28 and a fifty-two week high of $3.79. The firm has a market capitalization of $18.26 million, a P/E ratio of -0.21 and a beta of 0.25. The business’s 50 day moving average is $0.78 and its two-hundred day moving average is $0.85.

Pasithea Therapeutics (NASDAQ:KTTA) last announced its earnings results on Monday, March 30th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.71).

Institutional Investors Weigh In On Pasithea Therapeutics

Several hedge funds have recently modified their holdings of KTTA. Two Sigma Investments LP acquired a new stake in Pasithea Therapeutics in the third quarter valued at $26,000. Citadel Advisors LLC lifted its holdings in Pasithea Therapeutics by 43.7% in the third 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 during the period. Geode Capital Management LLC lifted its holdings in Pasithea Therapeutics by 113.9% in 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 during the period. Jane Street Group LLC lifted its holdings in Pasithea Therapeutics by 137.0% in 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 during the period. Finally, AdvisorShares Investments LLC increased its holdings in Pasithea Therapeutics by 33.1% in the third quarter. AdvisorShares Investments LLC now owns 257,696 shares of the company’s stock valued at $186,000 after buying an additional 64,149 shares in the last quarter. 23.92% of the stock is owned by institutional investors and hedge funds.

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.