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Here’s Why Pasithea Therapeutics (KTTA) Stock Price Soared 194.1% Premarket

Simon Mugo trader
Updated 23 Nov 2021

Pasithea Therapeutics Corp (NASDAQ: KTTA) stock price soared 194.1% during premarket trading after its subsidiary Pasithea Clinics received approval to provide esketamine nasal spray to treat resistant depression in adults in the UK.

The company has started offering the treatment at its facility in Knightsbridge, London. However, the company also told investors that only three UK clinics had been accredited to offer the same treatment.

Dr Tiago Reis Marques, the Pasithea Therapeutics CEO, said: “This is an important milestone for our U.K. clinics and their patients. Major Depression is the leading cause of long-term disability worldwide. Current treatments have limited success, and up to 30% of patients with depression do not respond to consecutive trials of antidepressant treatment. These patients are considered to have treatment-resistant depression, and new treatment options are urgently needed.”

Today’s announcement provided a significant boost to the company’s prospects, and investors cheered the same. However, this is not the first significant announcement by the company this month.

Pasithea Clinics announced on Wednesday last week that it had started offering in-home intravenous ketamine therapy to patients suffering from treatment-resistant mental health issues. The treatment would be first available in its clinics located in San Diego, New York City, San Francisco, and Los Angeles.

The company offers revolutionary treatments to patients suffering from mental illnesses who typically struggle to complete daily tasks, which tend to require a lot of effort. In addition, patients suffering from mental illnesses such as post-traumatic disorder and depression may have symptoms such as social isolation, fatigue, and lack of motivation.

Such patients usually find it hard to go to a physical clinic or hospital to seek treatment, which is where the in-home treatments provided by Pasithea Clinics come in. While Ketamine is not a new drug but has been used as an anesthetic for over 50 years, it has been recently redesigned to treat mental illnesses in much lower doses.

The drug has shown significant efficacy in treating certain psychiatric conditions resistant to typical antidepressants by providing rapid and sustained effects on up to 70% of patients.

Investors seem to have picked up on the significance of today’s announcement combined with last week’s US-related news, triggering the massive rally. However, investors who missed out on today’s rally should wait for better entry prices in future.

Pasithea shares had given up a chunk of their gains at writing.

*This is not investment advice. Always do your due diligence before making investment decisions.

Pasithea Therapeutics (KTTA) stock price.

Tradingview chart of Pasithea Therapeutics stock price 23-11-2021
Source: Tradingview

Pasithea Therapeutics stock price soared 194.12% to trade at $6.50, rising from Monday’s closing price of $2.21.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading