Why Pasithea Therapeutics (KTTA) Stock Is Suddenly On Fire Today

Pasithea Therapeutics Corp (NASDAQ:KTTA) shares are trading sharply higher Wednesday morning after a string of upbeat updates on its lead drug candidate, PAS-004, capped by a new $1 million grant from the ALS Association. Here’s what investors need to know.

• KTTA is among today’s top performers. Get the inside scoop here.

What To Know: The Hoffman ALS Clinical Trial Award will fund a clinical study evaluating the efficacy, safety and tolerability of PAS-004 in patients with amyotrophic lateral sclerosis, expanding the drug's reach into a third serious neurological indication.

Investors are reacting to a three-day run of news around PAS-004. On Monday, Pasithea reported completion of Cohort 7 in its ongoing Phase 1 trial in advanced solid tumors, showing no treatment-related adverse events, dose-proportional pharmacokinetics and pharmacodynamic data consistent with continuous MAPK pathway suppression.

The safety committee cleared escalation to Cohort 8. On Friday, the company released positive pharmacokinetic data from a separate Phase 1/1b study in adult NF1 patients, where a new tablet formulation delivered more favorable exposure than capsules at lower doses with reduced variability.

While PAS-004 remains in early-stage development and regulatory approval is still years away, the rapid cadence of positive data and the ALS Association's non-dilutive funding have improved sentiment around Pasithea's pipeline prospects.

Benzinga Edge Rankings: Benzinga Edge currently assigns KTTA a Momentum score of 3.51, with no Value, Growth or Quality rankings yet available and negative signals across its short-, medium- and long-term price trends.

KTTA Price Action: Pasithea Therapeutics shares were up 118% at $1.42 at the time of publication on Wednesday, according to Benzinga Pro data.

Read Also: AstraZeneca Wins FDA Nod For Imfinzi Combination Regimen In Tough-To-Treat Stomach Cancers

How To Buy KTTA Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Pasithea Therapeutics’ case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Image: Shutterstock