IGC Pharma (NYSEAMERICAN:IGC) Stock Price Up 2.8% – Time to Buy?

IGC Pharma, Inc. (NYSEAMERICAN:IGC) shot up 2.8% during mid-day trading on Thursday . The stock traded as high as $0.2909 and last traded at $0.2889. 263,200 shares traded hands during trading, a decline of 53% from the average session volume of 564,272 shares. The stock had previously closed at $0.2810.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their target price on IGC Pharma from $5.00 to $5.25 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $5.25.

IGC Pharma Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 0.89. The company has a market cap of $28.83 million, a P/E ratio of -4.11 and a beta of 0.50. The stock has a fifty day moving average price of $0.29 and a two-hundred day moving average price of $0.30.

Institutional Trading of IGC Pharma

Several hedge funds have recently modified their holdings of the stock. State Street Corp grew 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 worth $57,000 after purchasing an additional 40,592 shares in the last quarter. Citadel Advisors LLC lifted its stake in shares of IGC Pharma by 131.7% in the third quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock worth $262,000 after acquiring an additional 356,874 shares during the period. Finally, Virtu Financial LLC lifted its stake in shares of IGC Pharma by 91.0% in the third quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock worth $37,000 after acquiring an additional 42,654 shares during the period. 3.87% of the stock is owned by institutional investors.

IGC Pharma Company Profile

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.