IGC Pharma (NYSEAMERICAN:IGC) Given New $5.00 Price Target at Ascendiant Capital Markets

IGC Pharma (NYSEAMERICAN:IGC) had its target price lifted by equities research analysts at Ascendiant Capital Markets from $4.75 to $5.00 in a note issued to investors on Monday,Benzinga reports. The brokerage 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 report on Wednesday, November 12th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, IGC Pharma has an average rating of “Moderate Buy” and an average price target of $4.25.

IGC Pharma Stock Performance

Shares of IGC Pharma stock opened at $0.26 on Monday. The company’s 50 day moving average price is $0.29 and its two-hundred day moving average price is $0.35. The firm has a market capitalization of $24.73 million, a P/E ratio of -3.72 and a beta of 0.33. IGC Pharma has a fifty-two week low of $0.24 and a fifty-two week high of $0.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 0.89.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC lifted its position 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 purchasing an additional 42,654 shares during the period. State Street Corp boosted its position in IGC Pharma by 25.3% during 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, Citadel Advisors LLC grew its holdings in 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 acquiring an additional 356,874 shares during the period. 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.