Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Rises By 15.9%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a significant increase in short interest in February. As of February 27th, there was short interest totaling 675,735 shares, an increase of 15.9% from the February 12th total of 583,214 shares. Based on an average daily volume of 331,626 shares, the short-interest ratio is presently 2.0 days. Currently, 0.9% of the shares of the stock are sold short. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 331,626 shares, the short-interest ratio is presently 2.0 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IGC. State Street Corp raised 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 valued at $57,000 after acquiring an additional 40,592 shares during the period. Citadel Advisors LLC grew its position in 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 purchasing an additional 356,874 shares in the last quarter. Finally, Virtu Financial LLC raised its stake in 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 purchasing an additional 42,654 shares during the period. 3.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets lifted their price target on IGC Pharma from $4.75 to $5.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $5.00.

IGC Pharma Trading Up 1.5%

Shares of NYSEAMERICAN IGC traded up $0.00 during mid-day trading on Tuesday, hitting $0.28. 134,760 shares of the company traded hands, compared to its average volume of 379,937. The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. IGC Pharma has a 1 year low of $0.24 and a 1 year high of $0.50. The stock has a market capitalization of $26.99 million, a price-to-earnings ratio of -4.06 and a beta of 0.30. The business has a 50 day moving average of $0.28 and a two-hundred day moving average of $0.34.

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.