Pasithea Therapeutics (NASDAQ:KTTA) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Pasithea Therapeutics Corp. (NASDAQ:KTTA)’s stock price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $0.48 and traded as high as $0.5344. Pasithea Therapeutics shares last traded at $0.53, with a volume of 21,473,631 shares.

Analysts Set New Price Targets

KTTA has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Pasithea Therapeutics in a research report on Monday, September 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.00.

Pasithea Therapeutics Trading Up 44.0%

The firm has a market capitalization of $17.71 million, a PE ratio of -0.34 and a beta of 0.39. The company has a fifty day moving average price of $0.48 and a two-hundred day moving average price of $0.63.

Pasithea Therapeutics (NASDAQ:KTTA) last released 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). As a group, equities research analysts predict that Pasithea Therapeutics Corp. will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Pasithea Therapeutics

A hedge fund recently bought a new position in Pasithea Therapeutics stock. Renaissance Technologies LLC bought a new position in shares of Pasithea Therapeutics Corp. (NASDAQ:KTTA) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 93,399 shares of the company’s stock, valued at approximately $69,000. Renaissance Technologies LLC owned about 0.37% of Pasithea Therapeutics at the end of the most recent quarter. 23.92% of the stock is owned by institutional investors.

Pasithea Therapeutics Company Profile

Pasithea Therapeutics Corp. is a biotechnology company focused on developing treatments for central nervous system (CNS) disorders. Its research has centered on novel therapies for conditions such as depression and other neuropsychiatric diseases, areas in which existing treatments may not provide adequate results for all patients.

The company has also pursued psychedelic-based therapeutic approaches and related clinical-development programs. In addition to drug discovery, Pasithea has explored treatment-delivery activities, including ketamine-assisted therapy services through operations associated with its business.