Pasithea Therapeutics (NASDAQ:KTTA) stock is heading higher on Thursday even without any recent news from the biotech company.
Strangely enough, there’s no real news to explain why KTTA stock is taking off today. Or there wouldn’t be if it wasn’t for the fact the company is an incredibly vulnerable penny stock. That means it’s prone to manipulation as retail traders pump and dump the shares.
That appears to be the case today with shares of KTTA stock seeing heavy trading. As of this writing, more than 77 million shares of the stock have been traded. That’s a massive leap over the company’s daily average trading volume of around 4.8 million shares.
Of course, investors will want to be careful about taking a stake in KTTA stock today. While the pump appears to be holding steady for now, it will likely dump and you don’t want to be left holding the bag.
With that in mind, here’s what traders need to know about Pasithea Therapeutics.
- Pasithea Therapeutics is a biotech company focusing on brain disorders.
- This has it working toward a long-term goal of turning research into clinical drugs.
- That has its employees working to develop medications that provide better and longer-lasting results for patients suffering from mental health problems.
- Professor Lawrence Steinman is the co-founder and chairman of the company.
- Leading alongside him is CEO Dr. Tiago Reis Marques.
- The company’s market capitalization is $44.239 million.
KTTA stock is up 33.4% as of Thursday morning.
There’s more stock market news to dive into below!
InvestorPlace offers the latest stock news traders need for Thursday. Among that is what has shares of Kaixin Auto (NASDAQ:KXIN), Nio (NYSE:NIO), and Novavax (NASDAQ:NVAX) on the move today. You can find out more about that at the following links!
More Thursday Stock Market News
- KXIN Stock Alert: There Are 10,000 Reasons Kaixin Auto Is Revving Up Today
- NIO Stock Predictions: Why This Analyst Calls Nio an ‘Attractive Buy’ for 2022
- NVAX Stock: 5 Things to Know About Novavax’s Omicron-Fighting News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed