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

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totaling 208,103 shares, a decline of 82.3% from the May 31st total of 1,175,372 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 676,731 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Trading of IGC Pharma

Several large investors have recently made changes to their positions in IGC. Citadel Advisors LLC lifted its holdings in 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 in the last quarter. State Street Corp grew its holdings 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 buying an additional 40,592 shares in the last quarter. Finally, Virtu Financial LLC raised its position in shares of IGC Pharma by 91.0% in the third 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. 3.87% of the stock is currently owned by hedge funds and other institutional investors.

IGC Pharma Price Performance

Shares of IGC stock traded up $0.00 on Friday, reaching $0.26. 417,791 shares of the company were exchanged, compared to its average volume of 621,200. The company has a market cap of $26.32 million, a price-to-earnings ratio of -3.76 and a beta of 0.46. The business has a 50-day moving average price of $0.30 and a 200 day moving average price of $0.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.53 and a current ratio of 0.83. IGC Pharma has a 1 year low of $0.24 and a 1 year high of $0.50.

IGC Pharma (NYSEAMERICAN:IGC) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.02) earnings per share for the quarter. IGC Pharma had a negative net margin of 583.91% and a negative return on equity of 80.89%. The company had revenue of $0.32 million during the quarter.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their target price on IGC Pharma from $5.25 to $5.50 and gave the company a “buy” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.50.

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.