IGC Pharma (NYSEAMERICAN:IGC) Issues Earnings Results

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

IGC Pharma Price Performance

IGC Pharma stock opened at $0.30 on Friday. 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’s 50 day moving average is $0.27 and its 200-day moving average is $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 has a 12 month low of $0.23 and a 12 month high of $0.50.

Hedge Funds Weigh In On IGC Pharma

Several institutional investors and hedge funds have recently modified their holdings of IGC. Citadel Advisors LLC raised its stake in 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 purchasing an additional 356,874 shares in the last quarter. Virtu Financial LLC raised its holdings 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 acquiring an additional 42,654 shares in the last quarter. Finally, State Street Corp raised its stake in IGC Pharma by 25.3% in the fourth 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 in the last quarter. 3.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets upped 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 investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, IGC Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $5.50.

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.