IGC Pharma (NYSEAMERICAN:IGC) Shares Up 0.9% – Still a Buy?

IGC Pharma, Inc. (NYSEAMERICAN:IGC)’s stock price shot up 0.9% during trading on Tuesday . The stock traded as high as $0.2757 and last traded at $0.2705. 117,304 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 259,429 shares. The stock had previously closed at $0.2681.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets increased their price objective on shares of IGC Pharma from $4.75 to $5.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

IGC Pharma Price Performance

The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average price is $0.27 and its 200-day moving average price is $0.32. The stock has a market cap of $26.73 million, a P/E ratio of -3.86 and a beta of 0.30.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. 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 in the last quarter. State Street Corp increased its position 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 worth $57,000 after acquiring an additional 40,592 shares in the last quarter. Finally, Virtu Financial LLC increased its position in shares of IGC Pharma by 91.0% during the third quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock worth $37,000 after acquiring an additional 42,654 shares in the last quarter. 3.87% of the stock is owned by institutional investors.

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.