IGC Pharma (NYSEAMERICAN:IGC) Releases Earnings Results

IGC Pharma (NYSEAMERICAN:IGC) issued its earnings results on Friday. The company reported ($0.03) EPS for the quarter, FiscalAI reports. The firm had revenue of $0.27 million for the quarter.

IGC Pharma Price Performance

Shares of IGC stock traded up $0.00 during trading hours on Friday, reaching $0.30. The company had a trading volume of 1,534,636 shares, compared to its average volume of 614,596. IGC Pharma has a 12-month low of $0.23 and a 12-month high of $0.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.53 and a current ratio of 0.83. The company has a market capitalization of $29.81 million, a price-to-earnings ratio of -4.25 and a beta of 0.45. The stock has a fifty day moving average of $0.27 and a 200-day moving average of $0.28.

Hedge Funds Weigh In On IGC Pharma

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings 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 buying an additional 40,592 shares in the last quarter. Virtu Financial LLC increased its stake 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 worth $37,000 after acquiring an additional 42,654 shares during the last quarter. Finally, Citadel Advisors LLC increased its stake 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 acquiring an additional 356,874 shares during the last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets boosted their price target on shares of IGC Pharma from $5.25 to $5.50 and gave the stock a “buy” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, IGC Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $5.50.

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.