IGC Pharma (NYSEAMERICAN:IGC) Price Target Raised to $5.00 at Ascendiant Capital Markets

IGC Pharma (NYSEAMERICAN:IGC) had its price target hoisted by research analysts at Ascendiant Capital Markets from $4.75 to $5.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Separately, Zacks Research downgraded IGC Pharma from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

IGC Pharma Price Performance

NYSEAMERICAN:IGC opened at $0.26 on Monday. IGC Pharma has a 52 week low of $0.24 and a 52 week high of $0.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32. The firm’s 50-day simple moving average is $0.29 and its 200 day simple moving average is $0.35. The firm has a market cap of $24.73 million, a price-to-earnings ratio of -3.72 and a beta of 0.33.

Institutional Investors Weigh In On IGC Pharma

A number of large investors have recently modified their holdings of IGC. Citadel Advisors LLC raised its holdings in shares of IGC Pharma by 131.7% during 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 in the last quarter. State Street Corp grew 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 valued at $57,000 after acquiring an additional 40,592 shares during the last quarter. Finally, Virtu Financial LLC raised its stake in IGC Pharma by 91.0% during the third quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock worth $37,000 after acquiring an additional 42,654 shares in the last quarter. Institutional investors and hedge funds own 3.87% of the company’s stock.

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.