IGC Pharma (NYSEAMERICAN:IGC – Get Free Report) posted its earnings results on Friday. The company reported ($0.03) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $0.27 million for the quarter.
IGC Pharma Price Performance
IGC Pharma stock traded up $0.00 during trading hours on Friday, hitting $0.30. 1,531,540 shares of the company traded hands, compared to its average volume of 770,855. The firm has a market cap of $29.81 million, a P/E ratio of -4.25 and a beta of 0.45. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $0.27 and its two-hundred day simple moving average is $0.28. IGC Pharma has a 1-year low of $0.23 and a 1-year high of $0.50.
Analyst Ratings Changes
Separately, Ascendiant Capital Markets lifted their price target 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.50.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in IGC. Virtu Financial LLC increased its stake 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 valued at $37,000 after acquiring an additional 42,654 shares during the period. State Street Corp lifted 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 purchasing an additional 40,592 shares during the period. Finally, Citadel Advisors LLC boosted its stake in IGC Pharma by 131.7% during the 3rd quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock valued at $262,000 after purchasing an additional 356,874 shares in the last quarter. 3.87% of the stock is currently owned by institutional investors.
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.
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