IGC Pharma (NYSEAMERICAN:IGC) Shares Down 1.2% – What’s Next?
by Danessa Lincoln · The Markets DailyIGC Pharma, Inc. (NYSEAMERICAN:IGC – Get Free Report) traded down 1.2% on Monday . The company traded as low as $0.2766 and last traded at $0.2797. 164,951 shares were traded during mid-day trading, a decline of 48% from the average session volume of 316,689 shares. The stock had previously closed at $0.2830.
Analysts Set New Price Targets
Separately, Ascendiant Capital Markets lifted their price target on IGC Pharma from $4.75 to $5.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.
Read Our Latest Research Report on IGC
IGC Pharma Stock Performance
The stock’s fifty day moving average price is $0.28 and its 200-day moving average price is $0.34. 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 Investors Weigh In On IGC Pharma
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC grew its stake in 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 purchasing an additional 42,654 shares in the last quarter. State Street Corp raised its holdings 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 valued at $57,000 after purchasing an additional 40,592 shares during the period. Finally, Citadel Advisors LLC lifted its stake 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 during 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.