IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Update

IGC Pharma, Inc. (NYSEAMERICAN:IGC) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 208,103 shares, a decrease of 82.3% from the May 31st total of 1,175,372 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average trading volume of 676,731 shares, the short-interest ratio is currently 0.3 days.

Institutional Investors Weigh In On IGC Pharma

A number of large investors have recently modified their holdings of IGC. Virtu Financial LLC raised its position 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 valued at $37,000 after buying an additional 42,654 shares during the last quarter. State Street Corp grew its stake in 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. Finally, Citadel Advisors LLC raised its holdings in IGC Pharma by 131.7% in 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 last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

IGC Pharma Stock Performance

NYSEAMERICAN IGC opened at $0.26 on Friday. The company has a market cap of $26.21 million, a PE ratio of -3.74 and a beta of 0.46. The stock’s 50 day simple moving average is $0.30 and its 200-day simple moving average is $0.29. IGC Pharma has a 1-year low of $0.24 and a 1-year high of $0.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.83 and a quick ratio of 0.53.

IGC Pharma (NYSEAMERICAN:IGC) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.02) EPS for the quarter. IGC Pharma had a negative return on equity of 80.89% and a negative net margin of 583.91%.The firm had revenue of $0.32 million for the quarter.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price objective on shares of IGC Pharma from $5.25 to $5.50 and gave the company a “buy” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, IGC Pharma currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

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.