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 $4.42. The biotech firm, focused 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 57.14%. This latest price level reflects investor concerns and a challenging market environment that has weighed heavily on the company's valuation. The 52-week low marks a critical point for Pasithea Therapeutics as it navigates through a period of volatility and seeks to regain investor confidence.
In other recent news, Pasithea Therapeutics Corp. has reported significant developments. The company recently held its annual stockholder meeting, during which a new Class I director, Dr. Emer Leahy, was elected. The meeting also ratified Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In addition to these administrative updates, Pasithea Therapeutics Corp. has made strides in its research and development. The company has shared preclinical data for its novel drug candidate, PAS-004, a macrocyclic MEK inhibitor. It has shown potent inhibition of NRAS mutant cancer cell lines, surpassing existing MEK inhibitors.
The company's CEO, Dr. Tiago Reis Marques, has expressed optimism about PAS-004's potential benefits, including less frequent dosing. PAS-004 has completed preclinical testing and animal toxicology studies and has received orphan-drug designation from the FDA for the treatment of neurofibromatosis type 1 (NF1). These are the recent developments in Pasithea Therapeutics Corp.
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