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

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a significant drop in short interest in the month of June. As of June 15th, there was short interest totaling 208,103 shares, a drop of 82.3% from the May 31st total of 1,175,372 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 676,731 shares, the short-interest ratio is currently 0.3 days.

IGC Pharma Stock Up 0.4%

IGC stock traded up $0.00 during trading on Friday, hitting $0.26. 417,791 shares of the company’s stock traded hands, compared to its average volume of 621,200. The firm has a market capitalization of $26.32 million, a P/E ratio of -3.76 and a beta of 0.46. IGC Pharma has a 1 year low of $0.24 and a 1 year high of $0.50. 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 business has a fifty day simple moving average of $0.30 and a two-hundred day simple moving average of $0.29.

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

Hedge Funds Weigh In On IGC Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings 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 in the last quarter. Virtu Financial LLC boosted its holdings in shares of IGC Pharma by 91.0% in 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 in the last quarter. Finally, Citadel Advisors LLC grew its position in shares of IGC Pharma by 131.7% in the 3rd quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock worth $262,000 after buying an additional 356,874 shares during the last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

Analyst Ratings Changes

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

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.