IGC Pharma (NYSEAMERICAN:IGC) Given New $5.25 Price Target at Ascendiant Capital Markets

IGC Pharma (NYSEAMERICAN:IGC) had its target price raised by analysts at Ascendiant Capital Markets from $5.00 to $5.25 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

IGC Pharma Price Performance

Shares of NYSEAMERICAN IGC opened at $0.27 on Wednesday. The firm has a market cap of $26.73 million, a PE ratio of -3.86 and a beta of 0.30. The firm has a fifty day moving average of $0.27 and a 200 day moving average of $0.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32. IGC Pharma has a one year low of $0.24 and a one year high of $0.50.

Institutional Investors Weigh In On IGC Pharma

A number of hedge funds have recently modified their holdings of IGC. State Street Corp lifted its position 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 buying an additional 40,592 shares during the last quarter. Citadel Advisors LLC increased its stake in IGC Pharma by 131.7% in 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. Finally, Virtu Financial LLC increased its stake in 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 purchasing an additional 42,654 shares during the last quarter. Hedge funds and other institutional investors 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.