IGC Pharma, Inc. (NYSEAMERICAN:IGC) Stock Short Interest Climbs 48.0%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 1,072,899 shares, an increase of 48.0% from the August 31st total of 724,844 shares. Based on an average trading volume of 524,387 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.4% of the shares of the stock are short sold.

IGC Pharma Price Performance

Shares of NYSEAMERICAN IGC traded up $0.00 during mid-day trading on Thursday, reaching $0.27. 446,952 shares of the company’s stock were exchanged, compared to its average volume of 557,039. IGC Pharma has a twelve month low of $0.23 and a twelve month high of $0.45. The company has a current ratio of 0.39, a quick ratio of 0.19 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $0.28 and a 200 day simple moving average of $0.28.

IGC Pharma (NYSEAMERICAN:IGC) last announced its earnings results on Friday, August 14th. The company reported ($0.03) earnings per share for the quarter. The company had revenue of $0.27 million for the quarter. As a group, equities research analysts expect that IGC Pharma will post -0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IGC shares. Zacks Research raised shares of IGC Pharma to a “hold” rating in a research note on Friday, August 28th. 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 report on Monday, June 8th. One investment 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.50.

About IGC Pharma

IGC Pharma, Inc is a life sciences company focused on developing and commercializing cannabinoid-based therapies and other plant-derived pharmaceutical products. Its research and development efforts have included treatments for neurological and neurodegenerative conditions, including Alzheimer’s disease, as well as products intended to address pain, seizures and other health-related needs.

The company has developed proprietary cannabinoid formulations and has pursued clinical development and regulatory advancement for its lead therapeutic candidates.