Ascendiant Capital Markets Issues Positive Forecast for IGC Pharma (NYSEMKT:IGC) Stock Price

IGC Pharma (NYSEMKT:IGC) had its price target boosted by Ascendiant Capital Markets from $4.50 to $4.75 in a research report released on Tuesday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

Separately, Zacks Research downgraded shares of IGC Pharma from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4.13.

IGC Pharma Trading Down 8.6%

IGC Pharma stock opened at $0.30 on Tuesday. IGC Pharma has a 12 month low of $0.25 and a 12 month high of $0.48. The company has a market capitalization of $27.67 million, a price-to-earnings ratio of -2.71 and a beta of 0.24. The business’s fifty day simple moving average is $0.37 and its two-hundred day simple moving average is $0.36. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On IGC Pharma

A hedge fund recently raised its stake in IGC Pharma stock. Citadel Advisors LLC raised its holdings in shares of IGC Pharma, Inc. (NYSEMKT:IGC) by 131.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 627,840 shares of the company’s stock after purchasing an additional 356,874 shares during the period. Citadel Advisors LLC owned 0.68% of IGC Pharma worth $262,000 at the end of the most recent reporting period. 3.87% of the stock is currently owned by hedge funds and other institutional investors.

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.