Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Grows By 89.2%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a large increase in short interest in January. As of January 30th, there was short interest totaling 597,931 shares, an increase of 89.2% from the January 15th total of 315,961 shares. Approximately 0.8% of the shares of the company are short sold. Based on an average trading volume of 437,609 shares, the short-interest ratio is presently 1.4 days. Based on an average trading volume of 437,609 shares, the short-interest ratio is presently 1.4 days. Approximately 0.8% of the shares of the company are short sold.

IGC Pharma Stock Performance

Shares of IGC stock remained flat at $0.26 during midday trading on Friday. 214,409 shares of the company’s stock were exchanged, compared to its average volume of 424,715. The business has a 50 day simple moving average of $0.29 and a 200 day simple moving average of $0.35. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32. The stock has a market capitalization of $24.33 million, a P/E ratio of -3.66 and a beta of 0.33. IGC Pharma has a one year low of $0.24 and a one year high of $0.50.

IGC Pharma (NYSEAMERICAN:IGC) last released its earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter. IGC Pharma had a negative return on equity of 96.54% and a negative net margin of 583.91%.The firm had revenue of $0.19 million during the quarter. As a group, sell-side analysts predict that IGC Pharma will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IGC. Zacks Research downgraded shares of IGC Pharma from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Ascendiant Capital Markets raised their price target on IGC Pharma from $4.50 to $4.75 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.13.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC lifted 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 acquiring an additional 42,654 shares during the last quarter. State Street Corp raised its position in shares of IGC Pharma by 25.3% during the fourth quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after purchasing an additional 40,592 shares during the period. Finally, Citadel Advisors LLC lifted its holdings in shares of IGC Pharma by 131.7% during the third 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 last quarter. Institutional investors and hedge funds own 3.87% of the company’s stock.

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.