Ascendiant Capital Markets Forecasts Strong Price Appreciation for IGC Pharma (NYSEMKT:IGC) Stock

IGC Pharma (NYSEMKT:IGC) had its price objective increased by research analysts at Ascendiant Capital Markets from $3.75 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

IGC Pharma Stock Performance

IGC opened at $0.37 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.52 and a debt-to-equity ratio of 0.02. The firm has a market cap of $28.72 million, a P/E ratio of -2.06 and a beta of 1.29. The business has a 50-day simple moving average of $0.38.

IGC Pharma (NYSEMKT:IGC) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share 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 business had revenue of $0.41 million for the quarter, compared to analysts’ expectations of $0.29 million. On average, sell-side analysts predict that IGC Pharma will post -0.13 EPS for the current fiscal year.

Insider Activity at IGC Pharma

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

Institutional Trading of IGC Pharma

Several large investors have recently modified their holdings of IGC. Fullcircle Wealth LLC purchased a new stake in IGC Pharma during the third quarter valued at approximately $42,000. Geode Capital Management LLC grew its position in shares of 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. Finally, Virtu Financial LLC increased its stake in shares of IGC Pharma by 164.7% in 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 in the last quarter. Institutional investors 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.