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

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 597,931 shares, a growth of 89.2% from the January 15th total of 315,961 shares. Based on an average daily volume of 437,609 shares, the short-interest ratio is currently 1.4 days. Currently, 0.8% of the shares of the stock are short sold. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 437,609 shares, the short-interest ratio is currently 1.4 days.

Institutional Investors Weigh In On IGC Pharma

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in 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 during the period. Citadel Advisors LLC grew its stake in shares of IGC Pharma by 131.7% in the third 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. Finally, Virtu Financial LLC increased its holdings in IGC Pharma by 91.0% in the third quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock valued at $37,000 after purchasing an additional 42,654 shares during the period. 3.87% of the stock is owned by institutional investors.

IGC Pharma Stock Performance

Shares of IGC stock opened at $0.26 on Friday. IGC Pharma has a twelve month low of $0.24 and a twelve month high of $0.50. The stock’s fifty day simple moving average is $0.29 and its 200 day simple moving average is $0.35. The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $24.33 million, a P/E ratio of -3.66 and a beta of 0.33.

IGC Pharma (NYSEAMERICAN:IGC) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.02) EPS for the quarter. The firm 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%. As a group, sell-side analysts predict that IGC Pharma will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on IGC shares. Zacks Research lowered IGC Pharma from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Ascendiant Capital Markets increased their target price on shares of IGC Pharma from $4.50 to $4.75 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.