IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Update

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 484,812 shares, an increase of 133.0% from the June 15th total of 208,103 shares. Based on an average daily trading volume, of 591,806 shares, the short-interest ratio is currently 0.8 days. Approximately 0.6% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IGC. Virtu Financial LLC raised its position in 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 buying an additional 42,654 shares during the last quarter. State Street Corp boosted its position in IGC Pharma by 25.3% during the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after acquiring an additional 40,592 shares during the last quarter. Finally, Citadel Advisors LLC grew its stake in shares of 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 in the last quarter. 3.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets lifted their target price on IGC Pharma from $5.25 to $5.50 and gave the stock a “buy” rating in a report on Monday, June 8th. One research 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, IGC Pharma presently has an average rating of “Moderate Buy” and an average target price of $5.50.

IGC Pharma Stock Up 0.3%

Shares of NYSEAMERICAN:IGC traded up $0.00 during midday trading on Wednesday, reaching $0.27. 237,077 shares of the company were exchanged, compared to its average volume of 460,203. IGC Pharma has a fifty-two week low of $0.24 and a fifty-two week high of $0.50. The stock has a fifty day simple moving average of $0.28 and a two-hundred day simple moving average of $0.28. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 0.02.

IGC Pharma (NYSEAMERICAN:IGC) last released 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.

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.