IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Up 17.7% in April

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 874,383 shares, an increase of 17.7% from the March 31st total of 742,667 shares. Currently, 1.2% of the company’s stock are short sold. Based on an average daily volume of 467,943 shares, the short-interest ratio is presently 1.9 days.

Institutional Investors Weigh In On IGC Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings 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 in the last quarter. Citadel Advisors LLC lifted its position in shares of IGC Pharma by 131.7% during 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 in the last quarter. Finally, Virtu Financial LLC lifted its position in shares of 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 in the last quarter. 3.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

IGC Pharma Stock Performance

IGC stock traded up $0.02 during mid-day trading on Friday, hitting $0.33. 1,136,748 shares of the company were exchanged, compared to its average volume of 2,583,056. The business has a 50 day simple moving average of $0.29 and a 200-day simple moving average of $0.31. The company has a current ratio of 1.32, a quick ratio of 0.89 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $33.09 million, a PE ratio of -4.78 and a beta of 0.50. IGC Pharma has a 1-year low of $0.24 and a 1-year high of $0.50.

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.