Pasithea Therapeutics (KTTA) stock plummeted on Friday after the biotechnology company released interim Phase 1 data from an ongoing clinical trial. This clinical trial is focused on PAS-004, a treatment designed for patients with MAPK pathway-driven advanced solid tumors with a documented RAS, NF1 or RAF mutation, or in patients who have failed prior BRAF/MEK inhibition.
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While the clinical trial has shown that PAS-004 is tolerable and safe for patients to take, it has not been shown to be effective as a treatment. Of the 21 efficacy evaluable patients, one melanoma achieved an unconfirmed partial response, while others in different categories achieved stable disease or partial response. This data didn’t excite investors, who were likely hopeful for more positive results.
Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics, said, “We believe this profile is well aligned with what is needed to drive meaningful clinical responses in NF1-PN patients. Published clinical data has shown that tumor response in NF1-PN is positively correlated with drug exposure (AUC), reinforcing the relevance of these findings.”
Pasithea Therapeutics Stock Movement Today
Pasithea Therapeutics stock was down 27.46% in pre-market trading on Friday, following a 12.78% decline yesterday. The stock has also fallen 86.82% year-to-date and 86.61% over the past 12 months.
With today’s news came heavy trading of KTTA stock, as some 394,000 shares changed hands, compared to a three-month daily average of about 99,000 units.
Is Pasithea Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Pasithea Therapeutics is lacking. TipRanks’ AI analyst Spark also hasn’t covered the shares. This lack of coverage means investors should be wary about taking a stake in KTTA stock, especially following today’s clinical trial data.