IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Up 89.2% in January

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 597,931 shares, an increase of 89.2% from the January 15th total of 315,961 shares. Approximately 0.8% of the company’s shares are sold short. Based on an average daily trading volume, of 437,609 shares, the short-interest ratio is presently 1.4 days. Based on an average daily trading volume, of 437,609 shares, the short-interest ratio is presently 1.4 days. Approximately 0.8% of the company’s shares are sold short.

Hedge Funds Weigh In On IGC Pharma

Several institutional investors have recently bought and sold shares of IGC. Virtu Financial LLC lifted its position in shares of IGC Pharma by 91.0% in the third quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock worth $37,000 after buying an additional 42,654 shares during the last quarter. State Street Corp raised its stake in shares of IGC Pharma by 25.3% in the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock valued at $57,000 after acquiring an additional 40,592 shares in the last quarter. Finally, Citadel Advisors LLC lifted its holdings in 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 purchasing an additional 356,874 shares during the last quarter. 3.87% of the stock is currently owned by institutional investors.

IGC Pharma Stock Performance

Shares of IGC Pharma stock remained flat at $0.26 during trading on Friday. The stock had a trading volume of 214,409 shares, compared to its average volume of 424,715. The company has a market capitalization of $24.33 million, a PE ratio of -3.66 and a beta of 0.33. The business’s fifty day moving average is $0.29 and its two-hundred day moving average is $0.35. IGC Pharma has a fifty-two week low of $0.24 and a fifty-two week high of $0.50. The company has a current ratio of 1.32, a quick ratio of 0.89 and a debt-to-equity ratio of 0.02.

IGC Pharma (NYSEAMERICAN:IGC) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $0.19 million for the quarter. IGC Pharma had a negative net margin of 583.91% and a negative return on equity of 96.54%. On average, equities research analysts expect that IGC Pharma will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IGC. Ascendiant Capital Markets boosted their price target on shares of IGC Pharma from $4.50 to $4.75 and gave the company a “buy” rating in a report on Tuesday, December 9th. Zacks Research cut IGC Pharma from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.13.

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.