IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Update

IGC Pharma, Inc. (NYSEAMERICAN:IGC) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 484,812 shares, an increase of 133.0% from the June 15th total of 208,103 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 591,806 shares, the short-interest ratio is currently 0.8 days.

Institutional Trading of IGC Pharma

A number of institutional investors have recently added to or reduced their stakes in IGC. Citadel Advisors LLC increased its holdings in IGC Pharma by 131.7% in the 3rd 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 position in shares of IGC Pharma by 25.3% in the fourth quarter. State Street Corp now owns 200,799 shares of the company’s stock worth $57,000 after buying an additional 40,592 shares during the period. Finally, Virtu Financial LLC raised 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 buying an additional 42,654 shares during the period. 3.87% of the stock is owned by hedge funds and other institutional investors.

IGC Pharma Trading Down 1.8%

Shares of NYSEAMERICAN:IGC traded down $0.00 during trading on Thursday, reaching $0.26. 216,802 shares of the stock were exchanged, compared to its average volume of 786,787. The firm’s 50-day moving average price is $0.28 and its 200 day moving average price is $0.28. The firm has a market cap of $26.32 million, a price-to-earnings ratio of -3.76 and a beta of 0.45. IGC Pharma has a 12-month low of $0.24 and a 12-month high of $0.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.53 and a current ratio of 0.83.

IGC Pharma (NYSEAMERICAN:IGC) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $0.32 million for the quarter.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their price target on shares of IGC Pharma from $5.25 to $5.50 and gave the company a “buy” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.50.

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.