IGC Pharma (NYSEAMERICAN:IGC) Given New $5.25 Price Target at Ascendiant Capital Markets

IGC Pharma (NYSEAMERICAN:IGC) had its target price boosted by stock analysts at Ascendiant Capital Markets from $5.00 to $5.25 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

IGC Pharma Price Performance

Shares of NYSEAMERICAN IGC opened at $0.27 on Wednesday. The firm has a market capitalization of $26.73 million, a P/E ratio of -3.86 and a beta of 0.30. IGC Pharma has a one year low of $0.24 and a one year high of $0.50. The company’s fifty day moving average is $0.27 and its two-hundred day moving average is $0.32. 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 Investors Weigh In On IGC Pharma

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC boosted its position 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 worth $37,000 after buying an additional 42,654 shares in the last quarter. State Street Corp boosted its position 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 worth $57,000 after buying an additional 40,592 shares in the last quarter. Finally, Citadel Advisors LLC boosted its position in shares of IGC Pharma by 131.7% in 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. 3.87% of the stock is currently owned by hedge funds and other 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.