Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Increases By 15.9%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a significant increase in short interest in February. As of February 27th, there was short interest totaling 675,735 shares, an increase of 15.9% from the February 12th total of 583,214 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 331,626 shares, the short-interest ratio is presently 2.0 days. Based on an average daily trading volume, of 331,626 shares, the short-interest ratio is presently 2.0 days. Approximately 0.9% of the shares of the stock are short sold.

IGC Pharma Stock Performance

Shares of NYSEAMERICAN:IGC opened at $0.29 on Wednesday. The business has a fifty day moving average of $0.28 and a 200-day moving average of $0.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32. IGC Pharma has a twelve month low of $0.24 and a twelve month high of $0.50. The firm has a market cap of $27.47 million, a PE ratio of -4.13 and a beta of 0.31.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised their price objective on shares of IGC Pharma from $4.75 to $5.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. One analyst has 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, IGC Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Institutional Investors Weigh In On IGC Pharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IGC. Citadel Advisors LLC lifted its position in shares of IGC Pharma by 131.7% during 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 in the last quarter. Virtu Financial LLC increased its holdings 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 valued at $37,000 after purchasing an additional 42,654 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of 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 purchasing an additional 40,592 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.