Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Expands By 10.6%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 938,800 shares, an increase of 10.6% from the March 15th total of 848,500 shares. Based on an average trading volume of 740,100 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Jane Street Group LLC grew its stake in IGC Pharma by 302.6% in the second quarter. Jane Street Group LLC now owns 48,281 shares of the construction company’s stock valued at $26,000 after purchasing an additional 36,290 shares in the last quarter. Vident Investment Advisory LLC grew its stake in IGC Pharma by 66.3% in the first quarter. Vident Investment Advisory LLC now owns 104,011 shares of the construction company’s stock valued at $99,000 after purchasing an additional 41,457 shares in the last quarter. Millennium Management LLC boosted its stake in shares of IGC Pharma by 76.2% during the 4th quarter. Millennium Management LLC now owns 144,724 shares of the construction company’s stock worth $46,000 after acquiring an additional 62,599 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of IGC Pharma by 47.5% during the 2nd quarter. Renaissance Technologies LLC now owns 162,709 shares of the construction company’s stock worth $51,000 after acquiring an additional 52,409 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of IGC Pharma by 211.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 165,490 shares of the construction company’s stock worth $59,000 after acquiring an additional 112,334 shares in the last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com began coverage on IGC Pharma in a report on Friday, April 12th. They set a “sell” rating on the stock.

IGC Pharma Trading Up 10.7 %

Shares of IGC stock opened at $0.49 on Wednesday. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02. IGC Pharma has a 1-year low of $0.25 and a 1-year high of $0.91. The firm has a market cap of $30.97 million, a PE ratio of -1.87 and a beta of 1.71.

IGC Pharma (NYSEAMERICAN:IGC) last issued its earnings results on Wednesday, February 14th. The construction company reported ($0.09) EPS for the quarter. IGC Pharma had a negative net margin of 1,163.24% and a negative return on equity of 110.37%. The firm had revenue of $0.20 million during the quarter.

IGC Pharma Company Profile

IGC Pharma, Inc, a clinical stage biotechnology company, engages in developing cannabinoid-based formulations for treating diseases and conditions, including Alzheimer's disease, dysmenorrhea, premenstrual syndrome, and chronic pain. The company has two investigational drug assets targeting Alzheimer's disease comprising IGC-AD1, which is in a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer's; and TGR-63 that is in pre-clinical development.