Pasithea Therapeutics (NASDAQ:KTTA) stock is rocketing higher on Monday after the biotechnology company announced results from two preclinical trials of PAS-004.
The first study saw positive results from PAS-004 as a treatment for lung cancer. The in vivo study showed efficiency in inhibiting tumor growth from the NCI-H1299 cell-line-derived xenograft model.
The second in vivo study showed PAS-004 to be an effective treatment for liver cancer. This saw it perform well with anti-tumor activities against the xHepG2 cell-line-derived xenograft model.
Dr. Graeme Currie, Chief Development Officer of Pasithea Therapeutics, said the following about these results:
“Our current modeling suggests we will have a longer half-life in humans than existing MEK inhibitors and when coupled with our preclinical profile, we believe a once-a-day or less frequent dosing regimen is likely to be achieved for PAS-004, which we hope will lead to improved compliance when compared to existing therapies, as well as better combinability with other cancer agents.”
How This Affects KTTA Stock Today
News of these positive studies brings with them heavy trading for KTTA stock on Monday. As of this writing, more than 80 million shares of the stock have changed hands. That’s a massive trading volume compared to Pasithea Therapeutics’ daily average of just 39,000 shares.
KTTA stock is up 104.9% as of Monday morning.
Investors can find more of the latest stock market news ready to go below!
We have all of the most recent stock market news worth reading about on Monday! A few examples include what’s happening with shares of Sea Limited (NYSE:SE), Macy’s (NYSE:M) and Qudian (NYSE:QD) stock today. All of that news is ready to go at the following links!
More Monday Stock Market News
- Why Is Sea Limited (SE) Stock Down Today?
- 5 Investors Betting Big on Macy’s (M) Stock
- QD Stock Earnings: Qudian Reported Results for Q3 2023
On Penny Stocks and Low-Volume Stocks: 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
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.
