Alliance Global Partners Reiterates Buy Rating for IGC Pharma (NYSEMKT:IGC)

IGC Pharma (NYSEMKT:IGC)‘s stock had its “buy” rating reaffirmed by Alliance Global Partners in a research report issued on Thursday,Benzinga reports. They presently have a $3.50 price target on the stock.

Separately, Ascendiant Capital Markets raised their target price on IGC Pharma from $4.00 to $4.25 and gave the stock a “buy” rating in a research report on Monday, February 24th.

IGC Pharma Stock Down 6.2 %

IGC stock opened at $0.31 on Thursday. The stock has a market capitalization of $24.38 million, a PE ratio of -2.78 and a beta of 1.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.98 and a current ratio of 1.15. The stock’s fifty day simple moving average is $0.32 and its 200 day simple moving average is $0.35.

Hedge Funds Weigh In On IGC Pharma

A number of institutional investors have recently made changes to their positions in IGC. Northern Trust Corp increased its stake in IGC Pharma by 59.7% during the fourth quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock valued at $38,000 after acquiring an additional 42,380 shares during the period. Squarepoint Ops LLC bought a new position in IGC Pharma during the fourth quarter valued at about $42,000. Virtu Financial LLC increased 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 acquiring an additional 76,563 shares during the period. Finally, Geode Capital Management LLC increased its stake in IGC Pharma by 19.0% during the fourth quarter. Geode Capital Management LLC now owns 669,685 shares of the company’s stock valued at $225,000 after acquiring an additional 106,716 shares during the period. 3.87% of the stock is currently owned by institutional investors.

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.