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Pasithea Therapeutics (NASDAQ:KTTA) Stock Makes a Big Move: Jumps To All-Time High

Ash K , , , ,

Pasithea Therapeutics (NASDAQ:KTTA) was up 155% on Tuesday after the company added esketamine nasal spray to its offerings in the UK.

Market Stats

On Tuesday, KTTA stock soared 153% at $5.60 with more than 189.78 million shares, compared to its average volume of 511k shares. The stock has moved within a range of $5.34 – 8.50 after opening trading at $6.37.

The Big News

The company will offer esketamine nasal spray under the Spravato name via Pasithea Clinics, it’s subsidiary. It is vital to note that the spray is used in treatment-resistant depression in adults. The company pointed that patients can access the nasal spare at the Knightsbridge, London clinic. Pasithea also noted that the treatment would only be available in three locations in the USK that have been authorized to offer the treatment.

CEO Dr. Tiago Reis Marques said that major depressive disorder is among the leading long-term disability causes globally. He explained that the success of currently available treatments is limited and around 30% of patients tend to be unresponsive to consecutive antidepressant treatment trials. The patients are said to suffer from treatment-resistant depression, which requires new treatment alternatives urgently. So, in the coming months, investors should watch KTTA.

Key Quote

“This is an important milestone for our U.K. clinics and their patients,” stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics. “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.”

Traders Corner

KTTA stock is trading above the 20-Day and 50-Day Moving averages of $2.81 and $2.79 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.83. The stock is up 123% in the past month.