IGC Pharma, Inc. (NYSEAMERICAN:IGC – Get Free Report) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 484,812 shares, a growth of 133.0% from the June 15th total of 208,103 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average daily volume of 591,806 shares, the short-interest ratio is currently 0.8 days.
Hedge Funds Weigh In On IGC Pharma
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IGC. Virtu Financial LLC increased 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 purchasing an additional 42,654 shares during the period. State Street Corp boosted its stake in IGC Pharma by 25.3% during the fourth quarter. State Street Corp now owns 200,799 shares of the company’s stock valued at $57,000 after buying an additional 40,592 shares in the last quarter. Finally, Citadel Advisors LLC boosted its stake in IGC Pharma by 131.7% during 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 in the last quarter. 3.87% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Separately, 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 research note 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.50.
IGC Pharma Price Performance
IGC traded up $0.00 on Tuesday, reaching $0.27. The company had a trading volume of 384,743 shares, compared to its average volume of 482,939. The company has a market capitalization of $26.72 million, a P/E ratio of -3.81 and a beta of 0.45. 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 company has a fifty day moving average of $0.28 and a 200-day moving average of $0.28. IGC Pharma has a one year low of $0.24 and a one year high of $0.50.
IGC Pharma (NYSEAMERICAN:IGC – Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $0.32 million for the quarter.
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.
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