IGC Pharma (NYSEAMERICAN:IGC) Trading Up 2.8% – Should You Buy?

IGC Pharma, Inc. (NYSEAMERICAN:IGC) shot up 2.8% during mid-day trading on Thursday . The stock traded as high as $0.2909 and last traded at $0.2889. 263,200 shares were traded during trading, a decline of 53% from the average session volume of 564,272 shares. The stock had previously closed at $0.2810.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their target price on shares of IGC Pharma from $5.00 to $5.25 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.25.

IGC Pharma Stock Performance

The firm has a market capitalization of $28.92 million, a P/E ratio of -4.13 and a beta of 0.50. The company’s 50 day moving average is $0.29 and its 200-day moving average is $0.30. The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. State Street Corp lifted its stake 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 valued at $57,000 after buying an additional 40,592 shares in the last quarter. Citadel Advisors LLC lifted its stake 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 buying an additional 356,874 shares in the last quarter. Finally, Virtu Financial LLC lifted its stake 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 buying an additional 42,654 shares in the last quarter. 3.87% of the stock is 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.