IGC Pharma, Inc. (NYSEAMERICAN:IGC) Shares Shorted: Short Interest Up 48.0% in September

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 1,072,899 shares, a growth of 48.0% from the August 31st total of 724,844 shares. Currently, 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 524,387 shares, the short-interest ratio is presently 2.0 days.

IGC Pharma Trading Up 1.9%

Shares of IGC Pharma stock traded up $0.01 on Friday, hitting $0.28. 317,244 shares of the company’s stock traded hands, compared to its average volume of 765,415. IGC Pharma has a one year low of $0.23 and a one year high of $0.45. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.39 and a quick ratio of 0.19. The stock has a market capitalization of $28.43 million, a PE ratio of -3.93 and a beta of 0.47. The firm’s 50-day moving average price is $0.28 and its two-hundred day moving average price is $0.28.

IGC Pharma (NYSEAMERICAN:IGC) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.03) EPS for the quarter. The company had revenue of $0.27 million during the quarter. On average, research analysts expect that IGC Pharma will post -0.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IGC shares. Zacks Research raised IGC Pharma to a “hold” rating in a research note on Friday, August 28th. Ascendiant Capital Markets lifted their price objective on IGC Pharma from $5.25 to $5.50 and gave the stock a “buy” rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.50.

About IGC Pharma

IGC Pharma, Inc is a life sciences company focused on developing and commercializing cannabinoid-based therapies and other plant-derived pharmaceutical products. Its research and development efforts have included treatments for neurological and neurodegenerative conditions, including Alzheimer’s disease, as well as products intended to address pain, seizures and other health-related needs.

The company has developed proprietary cannabinoid formulations and has pursued clinical development and regulatory advancement for its lead therapeutic candidates.