IGC Pharma (NYSEAMERICAN:IGC) Trading Up 1% – Still a Buy?

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was up 1% during trading on Wednesday . The stock traded as high as $0.31 and last traded at $0.3077. 452,891 shares were traded during mid-day trading, a decline of 51% from the average session volume of 916,381 shares. The stock had previously closed at $0.3046.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised their price target on shares of IGC Pharma from $5.25 to $5.50 and gave the company a “buy” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $5.50.

IGC Pharma Stock Down 6.0%

The firm’s fifty day moving average is $0.27 and its two-hundred day moving average is $0.28. The firm has a market cap of $32.46 million, a price-to-earnings ratio of -4.49 and a beta 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.

IGC Pharma (NYSEAMERICAN:IGC) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.03) EPS for the quarter. The business had revenue of $0.27 million for the quarter.

Hedge Funds Weigh In On IGC Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC raised its stake in shares of IGC Pharma by 131.7% in the 3rd quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock worth $262,000 after buying an additional 356,874 shares in the last quarter. State Street Corp boosted its stake in IGC Pharma by 25.3% during the fourth 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 in the last quarter. Finally, Virtu Financial LLC grew its holdings in IGC Pharma by 91.0% during 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.