IGC Pharma (NYSEMKT:IGC) Earns Buy Rating from Alliance Global Partners

IGC Pharma (NYSEMKT:IGC)‘s stock had its “buy” rating reissued by equities research analysts at Alliance Global Partners in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $3.50 target price on the stock.

Separately, Ascendiant Capital Markets upped their price objective on shares of IGC Pharma from $4.00 to $4.25 and gave the company a “buy” rating in a report on Monday, February 24th.

IGC Pharma Price Performance

Shares of IGC traded down $0.01 during trading hours on Thursday, hitting $0.32. 214,616 shares of the stock were exchanged, compared to its average volume of 383,424. The business’s fifty day simple moving average is $0.32 and its 200-day simple moving average is $0.35. The company has a market capitalization of $25.34 million, a price-to-earnings ratio of -2.82 and a beta of 1.32. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in shares of IGC Pharma by 31.0% in the third quarter. Geode Capital Management LLC now owns 562,969 shares of the company’s stock worth $240,000 after buying an additional 133,142 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of IGC Pharma in the fourth quarter valued at $42,000. Northern Trust Corp increased its position in IGC Pharma by 59.7% in the fourth quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock worth $38,000 after purchasing an additional 42,380 shares during the last quarter. Finally, Virtu Financial LLC raised its stake in IGC Pharma by 164.7% during the third quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock valued at $53,000 after purchasing an additional 76,563 shares in the last quarter. 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.