Coastlands Capital LP, a notable shareholder in Pasithea Therapeutics Corp. (NASDAQ:KTTA), has reported a recent acquisition of $53,000 in the company's common stock. According to a filing submitted to the Securities and Exchange Commission, the transaction was executed on June 17, 2026. The investment firm acquired 100,000 shares at a unit price of $0.53. Following this purchase, Coastlands Capital LP now indirectly holds a total of 3,835,035 shares of Pasithea Therapeutics. The filing clarifies that Coastlands Capital LP acts as the investment adviser for Coastlands Capital Partners LP, with Matthew Perry identified as the control person for both entities.
This acquisition occurs against a backdrop of recent stock price volatility. Over the past week, Pasithea's shares have declined by 11%, while the six-month performance shows a 58% drop. Despite this downward trend, analysis from InvestingPro indicates that the stock currently trades below its Fair Value, placing it on the platform's list of most undervalued stocks. Technical indicators from InvestingPro Tips suggest the Relative Strength Index (RSI) points to oversold territory, with 11 additional tips available to subscribers.
Coastlands Capital LP is identified as a 10% owner of Pasithea Therapeutics. The indirect nature of the shares highlights the complex ownership structures often present in institutional investment.
Meanwhile, Pasithea Therapeutics has announced several developments regarding its drug candidate PAS-004. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to PAS-004 for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas. This designation facilitates more frequent communication with FDA review teams and may accelerate the approval process. Additionally, PAS-004 has received Rare Pediatric Disease Designation for treating Neurofibromatosis type-1, which affects approximately 115,000 individuals in the U.S. The company also announced Orphan Drug Designation for PAS-004 in the treatment of Amyotrophic Lateral Sclerosis, a rare disease affecting fewer than 200,000 people in the United States.
In a strategic move, Pasithea has appointed Kartik Krishnan, M.D., Ph.D., as Chief Medical Officer to oversee the clinical development and medical strategy for PAS-004. The company has also amended its Phase 1/1b trial protocol for PAS-004, allowing for higher dose levels and the backfilling of completed dose cohorts. These developments reflect Pasithea's ongoing efforts to advance its clinical trials and bring innovative treatments to patients with rare diseases.
Real-time data shows Pasithea's stock trading at $0.529, up $0.029 or 5.78%. The stock is included in AI-picked strategies that evaluate companies using over 100 financial metrics. ProPicks AI assesses KTTA alongside thousands of other companies, looking beyond popularity to evaluate fundamentals, momentum, and valuation. The AI aims to identify stocks with the best risk-reward based on current data, with notable past winners including Super Micro Computer (+185%) and AppLovin (+157%).