Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Pasithea Therapeutics Corp. (KTTA) stock has reached a new 52-week low, trading at $1.32 USD, as investors navigate a tumultuous market environment. With a market capitalization of just $1.79 million and trading at 0.1 times book value, InvestingPro analysis suggests the stock is currently undervalued. The biotechnology company, which focuses on the development of novel therapies for psychiatric and neurological disorders, has seen a significant downturn over the past year, with its stock price declining by 76.18%. Despite maintaining a strong current ratio of 14.81, indicating solid short-term liquidity, the company faces challenges advancing its clinical programs. This sharp decrease reflects broader market trends and investor sentiment, as the company grapples with rapid cash burn in a risk-averse investment climate. The 52-week low serves as a critical juncture for Pasithea Therapeutics, as it aims to bolster investor confidence and articulate a clear path forward for its potential therapies. Discover 13 additional key insights about KTTA with InvestingPro.
In other recent news, Pasithea Therapeutics Corp. has announced an advancement in its Phase 1 clinical trial of PAS-004, a drug targeting advanced cancers with MAPK pathway mutations. The dose level for the drug will be increased following a favorable review of safety data. The decision comes after the first 14 patients, including 12 treated with the capsule form and two with tablets, exhibited no dose-limiting toxicities. Notably, there were no reported incidences of rash, a common side effect associated with similar MEK inhibitors.
The CEO of Pasithea, Dr. Tiago Reis Marques, has expressed a positive outlook regarding the safety profile of PAS-004. The company believes this drug could significantly improve treatment options for patients with neurofibromatosis type 1 and inoperable plexiform neurofibromas. The multi-center, open-label trial is ongoing and aims to evaluate the safety, tolerability, and preliminary efficacy of PAS-004 in patients with advanced solid tumors. Pasithea plans to release updated pharmacokinetics and pharmacodynamics data in the first quarter of 2025.
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