IGC Pharma (NYSEAMERICAN:IGC) Stock Price Down 1.2% – Time to Sell?

IGC Pharma, Inc. (NYSEAMERICAN:IGC)’s stock price was down 1.2% during trading on Monday . The stock traded as low as $0.2766 and last traded at $0.2797. Approximately 164,951 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 316,689 shares. The stock had previously closed at $0.2830.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their price objective on IGC Pharma from $4.75 to $5.00 and gave the company a “buy” rating in a report on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

IGC Pharma Stock Performance

The firm’s 50 day moving average is $0.28 and its 200-day moving average is $0.34. The stock has a market capitalization of $26.58 million, a price-to-earnings ratio of -4.00 and a beta of 0.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Citadel Advisors LLC boosted its stake 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. State Street Corp increased its stake in shares of IGC Pharma by 25.3% in the 4th quarter. State Street Corp now owns 200,799 shares of the company’s stock valued at $57,000 after purchasing an additional 40,592 shares in the last quarter. Finally, Virtu Financial LLC increased its stake 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. Institutional investors and hedge funds own 3.87% of the company’s stock.

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.