IGC Pharma (NYSEAMERICAN:IGC) Trading Up 0.9% – What’s Next?

Shares of IGC Pharma, Inc. (NYSEAMERICAN:IGC) were up 0.9% on Tuesday . The company traded as high as $0.2757 and last traded at $0.2705. Approximately 117,304 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 259,429 shares. The stock had previously closed at $0.2681.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets raised their price objective on IGC Pharma from $5.00 to $5.25 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.25.

IGC Pharma Stock Up 7.5%

The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a 50 day simple moving average of $0.27 and a 200 day simple moving average of $0.32. The stock has a market cap of $29.74 million, a price-to-earnings ratio of -4.30 and a beta of 0.30.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IGC. Virtu Financial LLC lifted its position in shares of IGC Pharma by 91.0% during the 3rd quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock valued at $37,000 after buying an additional 42,654 shares during the last quarter. State Street Corp lifted its position in shares of IGC Pharma by 25.3% during the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock valued at $57,000 after buying an additional 40,592 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of IGC Pharma by 131.7% during the 3rd quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock valued at $262,000 after buying an additional 356,874 shares during the last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

About IGC Pharma

IGC Pharma, Inc, a clinical stage pharmaceutical company, engages in developing treatments for Alzheimer’s disease. The company’s lead product is IGC-AD1, which is in a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer’s; and TGR-63, IGC-1C, IGC-M3, and LMP in pre-clinical development. The company was formerly known as India Globalization Capital, Inc and changed its name to IGC Pharma, Inc in March 2023. The company was incorporated in 2005 and is headquartered in Potomac, Maryland.