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

IGC Pharma (NYSEMKT:IGC) had its price target lifted by analysts at Ascendiant Capital Markets from $4.00 to $4.25 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

IGC Pharma Stock Performance

Shares of IGC opened at $0.30 on Monday. The stock has a 50 day simple moving average of $0.34. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $23.67 million, a price-to-earnings ratio of -2.70 and a beta of 1.32.

Institutional Investors Weigh In On IGC Pharma

Large investors have recently added to or reduced their stakes in the company. Fullcircle Wealth LLC purchased a new position in shares of IGC Pharma during the 3rd quarter valued at approximately $42,000. Northern Trust Corp increased its stake in shares of 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 buying an additional 42,380 shares during the last quarter. Virtu Financial LLC raised its holdings in IGC Pharma by 164.7% in 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 in the last quarter. Squarepoint Ops LLC bought a new position in IGC Pharma during the 4th quarter valued at $42,000. Finally, Geode Capital Management LLC boosted 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 last quarter. 3.87% of the stock is owned by institutional investors and hedge funds.

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.