Ascendiant Capital Markets Raises IGC Pharma (NYSEMKT:IGC) Price Target to $4.00

IGC Pharma (NYSEMKT:IGC) had its target price increased by Ascendiant Capital Markets from $3.75 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

IGC Pharma Stock Performance

Shares of IGC Pharma stock opened at $0.36 on Thursday. The firm’s 50-day moving average price is $0.38. The firm has a market cap of $27.84 million, a price-to-earnings ratio of -2.00 and a beta of 1.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.52 and a quick ratio of 0.98.

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

Insider Activity

In related news, Director James P. Moran purchased 588,235 shares of IGC Pharma stock in a transaction that occurred on Wednesday, September 25th. The shares were acquired at an average price of $0.34 per share, for a total transaction of $199,999.90. Following the transaction, the director now directly owns 942,402 shares in the company, valued at approximately $320,416.68. This represents a 166.09 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 31.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in IGC Pharma by 31.0% during the 3rd quarter. Geode Capital Management LLC now owns 562,969 shares of the company’s stock worth $240,000 after purchasing an additional 133,142 shares during the last quarter. Fullcircle Wealth LLC bought a new stake in IGC Pharma during the 3rd quarter worth about $42,000. Finally, Virtu Financial LLC raised its holdings in IGC Pharma by 164.7% during the 3rd quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock worth $53,000 after purchasing an additional 76,563 shares during the last quarter. Institutional investors and hedge funds own 3.87% of the company’s stock.

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.