Short Interest in IGC Pharma, Inc. (NYSEAMERICAN:IGC) Grows By 89.2%

IGC Pharma, Inc. (NYSEAMERICAN:IGC) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 597,931 shares, an increase of 89.2% from the January 15th total of 315,961 shares. Based on an average trading volume of 437,609 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.8% of the company’s shares are sold short. Approximately 0.8% of the company’s shares are sold short. Based on an average trading volume of 437,609 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On IGC Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Citadel Advisors LLC raised its stake in IGC Pharma by 131.7% during the third quarter. Citadel Advisors LLC now owns 627,840 shares of the company’s stock worth $262,000 after purchasing an additional 356,874 shares during the period. State Street Corp increased its holdings in shares of 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 during the last quarter. Finally, Virtu Financial LLC raised its position 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 currently owned by institutional investors and hedge funds.

IGC Pharma Price Performance

Shares of NYSEAMERICAN:IGC remained flat at $0.26 during midday trading on Friday. The company had a trading volume of 215,126 shares, compared to its average volume of 414,178. IGC Pharma has a 12-month low of $0.24 and a 12-month high of $0.50. The stock has a market capitalization of $24.33 million, a PE ratio of -3.66 and a beta of 0.33. 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 firm’s fifty day moving average is $0.29 and its 200-day moving average is $0.35.

IGC Pharma (NYSEAMERICAN:IGC) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter. IGC Pharma had a negative return on equity of 96.54% and a negative net margin of 583.91%.The company had revenue of $0.19 million for the quarter. As a group, sell-side analysts forecast that IGC Pharma will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IGC shares. Ascendiant Capital Markets increased their target price on IGC Pharma from $4.50 to $4.75 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Zacks Research cut shares of IGC Pharma from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.13.

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.