IGC Pharma (NYSEAMERICAN:IGC) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says

IGC Pharma (NYSEAMERICAN:IGC) had its price target increased by stock analysts at Ascendiant Capital Markets from $4.75 to $5.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, Zacks Research cut IGC Pharma from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

IGC Pharma Trading Up 4.8%

Shares of IGC stock opened at $0.28 on Monday. IGC Pharma has a fifty-two week low of $0.24 and a fifty-two week high of $0.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.89 and a current ratio of 1.32. The stock’s fifty day moving average is $0.28 and its two-hundred day moving average is $0.35. The firm has a market capitalization of $26.51 million, a P/E ratio of -3.98 and a beta of 0.33.

Institutional Trading of IGC Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC grew its position in IGC Pharma by 131.7% during 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 boosted its stake 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 valued at $57,000 after buying an additional 40,592 shares during the period. Finally, Virtu Financial LLC grew its holdings in shares of IGC Pharma by 91.0% during the 3rd quarter. Virtu Financial LLC now owns 89,546 shares of the company’s stock valued at $37,000 after acquiring an additional 42,654 shares in the last quarter. 3.87% of the stock is currently 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.