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

IGC Pharma, Inc. (NYSEAMERICAN:IGC – Get Free Report) was the target of a significant decrease in short interest in 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 daily volume of 676,731 shares, the short-interest ratio is presently 0.3 days.

IGC Pharma Trading Down 2.4%

Shares of IGC opened at $0.26 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 0.02. IGC Pharma has a 12-month low of $0.24 and a 12-month high of $0.50. The firm has a 50-day moving average price of $0.30 and a 200 day moving average price of $0.29. The firm has a market capitalization of $26.21 million, a P/E ratio of -3.74 and a beta of 0.46.

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

Institutional Trading of IGC Pharma

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC raised its position in shares of IGC Pharma by 91.0% during the 3rd 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 period. State Street Corp grew its position in IGC Pharma by 25.3% in 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 period. Finally, Citadel Advisors LLC grew its position in IGC Pharma by 131.7% in 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 during the period. Hedge funds and other institutional investors own 3.87% of the company’s stock.

Wall Street Analysts Forecast Growth

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

View Our Latest Stock Analysis on IGC

About IGC Pharma

(Get Free Report)

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.

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