IGC Pharma (NYSEAMERICAN:IGC) Price Target Raised to $5.00

IGC Pharma (NYSEAMERICAN:IGC) had its target price increased by Ascendiant Capital Markets from $4.75 to $5.00 in a report published on Monday morning,Benzinga reports. Ascendiant Capital Markets 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 report on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $4.25.

IGC Pharma Trading Up 4.0%

Shares of IGC opened at $0.29 on Monday. 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 $27.57 million, a PE ratio of -4.14 and a beta of 0.33. IGC Pharma has a 1 year low of $0.24 and a 1 year high of $0.50. The stock has a 50 day simple moving average of $0.28 and a 200-day simple moving average of $0.35.

Hedge Funds Weigh In On IGC Pharma

A number of large investors have recently modified their holdings of the stock. Virtu Financial LLC grew its stake 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 valued at $37,000 after purchasing an additional 42,654 shares during the last quarter. Citadel Advisors LLC lifted its holdings in 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 buying an additional 356,874 shares in the last quarter. Finally, State Street Corp lifted 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 buying an additional 40,592 shares in the last quarter. 3.87% of the stock is currently owned by institutional investors and hedge funds.

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.