IGC Pharma, Inc. (NYSEAMERICAN:IGC) Short Interest Up 15.9% in February

IGC Pharma, Inc. (NYSEAMERICAN:IGC) was the target of a significant growth in short interest in February. As of February 27th, there was short interest totaling 675,735 shares, a growth of 15.9% from the February 12th total of 583,214 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 331,626 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily trading volume, of 331,626 shares, the days-to-cover ratio is presently 2.0 days. Currently, 0.9% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State Street Corp boosted its stake in 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 purchasing an additional 40,592 shares during the period. Citadel Advisors LLC boosted its position in shares of IGC Pharma by 131.7% in the third quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock valued at $262,000 after acquiring an additional 356,874 shares during the period. Finally, Virtu Financial LLC boosted its position in shares of IGC Pharma by 91.0% in the third 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 during the period. Institutional investors own 3.87% of the company’s stock.

IGC Pharma Stock Up 1.5%

NYSEAMERICAN IGC traded up $0.00 during trading on Tuesday, reaching $0.28. The company’s stock had a trading volume of 134,760 shares, compared to its average volume of 379,937. 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 capitalization of $26.99 million, a PE ratio of -4.06 and a beta of 0.30. IGC Pharma has a 1-year low of $0.24 and a 1-year high of $0.50. The business has a 50-day moving average price of $0.28 and a 200-day moving average price of $0.34.

Analyst Upgrades and Downgrades

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

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.