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

Pasithea Therapeutics (NASDAQ:KTTA)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $3.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 309.84% from the stock’s previous close.

KTTA has been the subject of several other research reports. Zacks Research downgraded Pasithea Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Pasithea Therapeutics in a research note on Friday, March 27th. Finally, Wall Street Zen raised Pasithea Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, January 18th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $3.00.

Pasithea Therapeutics Price Performance

Pasithea Therapeutics stock traded down $0.01 during mid-day trading on Monday, reaching $0.73. The company had a trading volume of 1,755,037 shares, compared to its average volume of 339,374. Pasithea Therapeutics has a 1 year low of $0.28 and a 1 year high of $3.79. The company has a market capitalization of $18.26 million, a P/E ratio of -0.21 and a beta of 0.25. The stock’s 50-day simple moving average is $0.78 and its 200-day simple moving average is $0.85.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Two Sigma Investments LP acquired a new position in shares of Pasithea Therapeutics during the 3rd quarter worth $26,000. Geode Capital Management LLC increased its position in Pasithea Therapeutics by 113.9% during the 4th quarter. Geode Capital Management LLC now owns 54,495 shares of the company’s stock worth $70,000 after purchasing an additional 29,020 shares in the last quarter. Jane Street Group LLC increased its position in Pasithea Therapeutics by 137.0% during the 4th quarter. Jane Street Group LLC now owns 59,372 shares of the company’s stock worth $77,000 after purchasing an additional 34,319 shares in the last quarter. Citadel Advisors LLC raised its stake in Pasithea Therapeutics by 43.7% in the 3rd quarter. Citadel Advisors LLC now owns 67,341 shares of the company’s stock valued at $48,000 after purchasing an additional 20,483 shares during the last quarter. Finally, AdvisorShares Investments LLC raised its stake in Pasithea Therapeutics by 33.1% in the 3rd quarter. AdvisorShares Investments LLC now owns 257,696 shares of the company’s stock valued at $186,000 after purchasing an additional 64,149 shares during the last quarter. Institutional investors and hedge funds own 23.92% of the company’s stock.

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.