IGC Pharma, Inc. (NYSEAMERICAN:IGC) Sees Significant Growth in Short Interest

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 484,812 shares, an increase of 133.0% from the June 15th total of 208,103 shares. Currently, 0.6% of the company’s stock are sold short. Based on an average daily volume of 591,806 shares, the days-to-cover ratio is currently 0.8 days.

IGC Pharma Stock Performance

IGC traded up $0.00 on Tuesday, hitting $0.27. 384,743 shares of the company’s stock were exchanged, compared to its average volume of 482,939. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 0.02. The stock has a fifty day moving average of $0.28 and a two-hundred day moving average of $0.28. IGC Pharma has a twelve month low of $0.24 and a twelve month high of $0.50. The firm has a market cap of $26.72 million, a PE ratio of -3.81 and a beta of 0.45.

IGC Pharma (NYSEAMERICAN:IGC) last posted its earnings results on Friday, May 15th. The company reported ($0.02) EPS for the quarter. The firm had revenue of $0.32 million during the quarter.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their price objective on 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 given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Institutional Investors Weigh In On IGC Pharma

Several large investors have recently added to or reduced their stakes in IGC. Citadel Advisors LLC lifted its stake in IGC Pharma by 131.7% in the third quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock valued at $262,000 after buying an additional 356,874 shares during the last quarter. State Street Corp grew its position in shares of IGC Pharma by 25.3% during the fourth quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after acquiring an additional 40,592 shares during the last quarter. Finally, Virtu Financial LLC grew 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 during the last quarter. 3.87% of the stock is 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.