Pasithea Therapeutics Corp. (NASDAQ:KTTA) Shares Shorted: Short Interest Down 40.8% in September

Pasithea Therapeutics Corp. (NASDAQ:KTTA) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 159,831 shares, a decline of 40.8% from the September 15th total of 270,085 shares. Currently, 0.5% of the company’s stock are short sold. Based on an average daily trading volume, of 151,144 shares, the short-interest ratio is currently 1.1 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on KTTA shares. Zacks Research downgraded Pasithea Therapeutics from a “strong-buy” rating to a “hold” rating in a 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 research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Pasithea Therapeutics has an average rating of “Hold” and an average price target of $3.00.

Pasithea Therapeutics Stock Performance

Shares of Pasithea Therapeutics stock opened at $0.41 on Thursday. The company has a fifty day simple moving average of $0.51 and a 200-day simple moving average of $0.58. Pasithea Therapeutics has a 12-month low of $0.28 and a 12-month high of $2.06.

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

Hedge Funds Weigh In On Pasithea Therapeutics

Large investors have recently bought and sold shares of the stock. Opaleye Management Inc. purchased a new position in shares of Pasithea Therapeutics during the second quarter worth about $1,057,000. AdvisorShares Investments LLC increased its position in shares of Pasithea Therapeutics by 10.8% during the first quarter. AdvisorShares Investments LLC now owns 337,508 shares of the company’s stock worth $250,000 after purchasing an additional 32,787 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Pasithea Therapeutics in the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 23.92% of the company’s stock.

About Pasithea Therapeutics

Pasithea Therapeutics Corp. is a biotechnology company focused on developing treatments for central nervous system disorders and other serious diseases. The company’s research has included novel pharmaceutical therapies as well as psychedelic- and ketamine-assisted treatment approaches for conditions such as depression and other mental health disorders.

Pasithea’s development portfolio has included PAS-004, an orally administered MEK1/2 inhibitor designed to affect the RAS/MAPK signaling pathway.