IGC Pharma (NYSEAMERICAN:IGC) Trading Up 1.2% – Time to Buy?

IGC Pharma, Inc. (NYSEAMERICAN:IGC)’s share price rose 1.2% on Tuesday . The company traded as high as $0.2580 and last traded at $0.2480. 286,177 shares changed hands during trading, a decline of 25% from the average daily volume of 380,671 shares. The stock had previously closed at $0.2451.

Wall Street Analyst Weigh In

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

IGC Pharma Price Performance

The stock has a market cap of $25.01 million, a P/E ratio of -3.57 and a beta of 0.45. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 0.02. The business’s 50-day simple moving average is $0.27 and its two-hundred day simple moving average is $0.28.

IGC Pharma (NYSEAMERICAN:IGC) last posted its earnings results on Friday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter. The business had revenue of $0.32 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IGC. Citadel Advisors LLC lifted its holdings 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 buying an additional 356,874 shares in the last quarter. State Street Corp lifted its stake in IGC Pharma by 25.3% in the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after purchasing an additional 40,592 shares in the last quarter. Finally, Virtu Financial LLC grew its position in shares of IGC Pharma by 91.0% during the 3rd 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. Hedge funds and other institutional investors own 3.87% of the company’s stock.

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.