Ascendiant Capital Markets Issues Positive Forecast for IGC Pharma (NYSEMKT:IGC) Stock Price

IGC Pharma (NYSEMKT:IGC) had its target price lifted by Ascendiant Capital Markets from $3.75 to $4.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

IGC Pharma Stock Performance

Shares of IGC Pharma stock opened at $0.36 on Thursday. The business’s 50-day moving average price is $0.38. The company has a current ratio of 1.52, a quick ratio of 0.98 and a debt-to-equity ratio of 0.02. The stock has a market cap of $27.95 million, a PE ratio of -2.00 and a beta of 1.29.

IGC Pharma (NYSEMKT:IGC) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. IGC Pharma had a negative net margin of 1,062.47% and a negative return on equity of 158.95%. The firm had revenue of $0.41 million for the quarter, compared to the consensus estimate of $0.29 million. As a group, equities research analysts expect that IGC Pharma will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James P. Moran bought 588,235 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were bought at an average price of $0.34 per share, with a total value of $199,999.90. Following the transaction, the director now owns 942,402 shares in the company, valued at approximately $320,416.68. This trade represents a 166.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.48% of the stock is owned by insiders.

Institutional Trading of IGC Pharma

Several large investors have recently bought and sold shares of IGC. Virtu Financial LLC lifted its stake in IGC Pharma by 164.7% during the 3rd quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock valued at $53,000 after acquiring an additional 76,563 shares during the period. Fullcircle Wealth LLC acquired a new stake in IGC Pharma during the 3rd quarter valued at approximately $42,000. Finally, Geode Capital Management LLC lifted its stake in IGC Pharma by 31.0% during the 3rd quarter. Geode Capital Management LLC now owns 562,969 shares of the company’s stock valued at $240,000 after acquiring an additional 133,142 shares during the period. Hedge funds and other institutional investors own 3.87% of the company’s stock.

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.