IGC Pharma (NYSEAMERICAN:IGC) Price Target Raised to $5.00 at Ascendiant Capital Markets

IGC Pharma (NYSEAMERICAN:IGC) had its price objective increased by Ascendiant Capital Markets from $4.75 to $5.00 in a report issued on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Zacks Research lowered IGC Pharma from a “strong-buy” rating to a “hold” rating in a research note 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 data from MarketBeat.com, IGC Pharma has an average rating of “Moderate Buy” and an average target price of $4.25.

IGC Pharma Trading Up 2.2%

NYSEAMERICAN IGC opened at $0.27 on Monday. IGC Pharma has a 12-month low of $0.24 and a 12-month high of $0.50. The company has a fifty day simple moving average of $0.28 and a two-hundred day simple moving average of $0.35. The company has a current ratio of 1.32, a quick ratio of 0.89 and a debt-to-equity ratio of 0.02. The stock has a market cap of $25.28 million, a P/E ratio of -3.80 and a beta of 0.33.

Institutional Trading of IGC Pharma

Large investors have recently made changes to their positions in the company. State Street Corp grew its holdings in 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. Virtu Financial LLC raised its holdings 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 purchasing an additional 42,654 shares in the last quarter. Finally, Citadel Advisors LLC lifted 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 purchasing an additional 356,874 shares during the last quarter. 3.87% of the stock is currently owned by hedge funds and other 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.