IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Up 15.9% in February

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the recipient of a large 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 company are short sold. Currently, 0.9% of the shares of the company are short sold. Based on an average daily volume of 331,626 shares, the short-interest ratio is presently 2.0 days.

IGC Pharma Stock Down 4.7%

Shares of NYSEAMERICAN IGC opened at $0.28 on Thursday. 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 52 week low of $0.24 and a 52 week high of $0.50. The stock has a market capitalization of $26.18 million, a P/E ratio of -3.94 and a beta of 0.31. The stock’s fifty day moving average is $0.28 and its 200 day moving average is $0.34.

Hedge Funds Weigh In On IGC Pharma

Hedge funds have recently bought and sold shares of the company. Virtu Financial LLC raised its position in shares of IGC Pharma by 91.0% in the 3rd 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 in the last quarter. State Street Corp boosted its position in shares of IGC Pharma by 25.3% during the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after acquiring an additional 40,592 shares in the last quarter. Finally, Citadel Advisors LLC boosted its position in shares of 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 acquiring an additional 356,874 shares in the last quarter. 3.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted their price target on shares of 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 given a Hold rating to the company. According to data from MarketBeat, IGC Pharma has an average rating of “Moderate Buy” and a consensus target price of $5.00.

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.