IGC Pharma, Inc. (NYSEAMERICAN:IGC) Sees Large Decline in Short Interest

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 1,240,000 shares, a drop of 6.8% from the June 15th total of 1,330,000 shares. Based on an average daily volume of 545,600 shares, the days-to-cover ratio is currently 2.3 days.

IGC Pharma Trading Up 2.4 %

IGC Pharma stock traded up $0.01 during midday trading on Tuesday, reaching $0.46. 222,156 shares of the company’s stock were exchanged, compared to its average volume of 611,737. IGC Pharma has a 52 week low of $0.25 and a 52 week high of $0.91. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.93 and a current ratio of 1.58. The stock has a market capitalization of $34.70 million, a P/E ratio of -2.04 and a beta of 1.30.

IGC Pharma (NYSEAMERICAN:IGC) last issued its quarterly earnings data on Monday, June 24th. The construction company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $0.30 million for the quarter. IGC Pharma had a negative return on equity of 119.06% and a negative net margin of 966.54%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. StockNews.com assumed coverage on IGC Pharma in a report on Monday, May 6th. They issued a “sell” rating for the company. Ascendiant Capital Markets restated a “buy” rating and issued a $3.25 price objective on shares of IGC Pharma in a report on Friday, June 21st.

IGC Pharma Company Profile

IGC Pharma, Inc, a clinical stage biotechnology company, engages in developing cannabinoid-based formulations for treating diseases and conditions, including Alzheimer's disease, dysmenorrhea, premenstrual syndrome, and chronic pain. The company has two investigational drug assets targeting Alzheimer's disease comprising IGC-AD1, which is in a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer's; and TGR-63 that is in pre-clinical development.