Ascendiant Capital Markets Forecasts Strong Price Appreciation for IGC Pharma (NYSEAMERICAN:IGC) Stock

IGC Pharma (NYSEAMERICAN:IGC) had its price objective upped by equities research analysts at Ascendiant Capital Markets from $5.25 to $5.50 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock.

IGC Pharma Stock Performance

Shares of NYSEAMERICAN IGC opened at $0.29 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 0.02. IGC Pharma has a 12 month low of $0.24 and a 12 month high of $0.50. The company has a 50 day simple moving average of $0.30 and a two-hundred day simple moving average of $0.29. The stock has a market cap of $28.63 million, a price-to-earnings ratio of -4.09 and a beta of 0.46.

Institutional Investors Weigh In On IGC Pharma

Institutional investors have recently modified their holdings of the business. Virtu Financial LLC grew 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 acquiring an additional 42,654 shares during the period. 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 valued at $57,000 after acquiring an additional 40,592 shares during the period. Finally, Citadel Advisors LLC grew 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 acquiring an additional 356,874 shares during the period. 3.87% of the stock is currently owned by institutional investors and hedge funds.

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.