Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Grows By 17.7%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a large increase in short interest in April. As of April 15th, there was short interest totaling 874,383 shares, an increase of 17.7% from the March 31st total of 742,667 shares. Based on an average daily trading volume, of 467,943 shares, the short-interest ratio is currently 1.9 days. Approximately 1.2% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their price target on IGC Pharma from $5.00 to $5.25 and gave the stock a “buy” rating in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, IGC Pharma has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Institutional Trading of IGC Pharma

Hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC raised 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 valued at $37,000 after purchasing an additional 42,654 shares during the period. Citadel Advisors LLC raised 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 valued at $262,000 after purchasing an additional 356,874 shares during the period. Finally, State Street Corp raised its stake in shares of 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 purchasing an additional 40,592 shares during the period. Institutional investors and hedge funds own 3.87% of the company’s stock.

IGC Pharma Stock Up 4.8%

Shares of IGC traded up $0.02 during midday trading on Friday, hitting $0.33. The stock had a trading volume of 1,136,748 shares, compared to its average volume of 2,583,056. The company has a 50 day simple moving average of $0.29 and a two-hundred day simple moving average of $0.31. 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 $33.09 million, a price-to-earnings ratio of -4.78 and a beta 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.

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.