IGC Pharma (NYSEAMERICAN:IGC) Coverage Initiated by Analysts at StockNews.com

Stock analysts at StockNews.com started coverage on shares of IGC Pharma (NYSEAMERICAN:IGC) in a report released on Thursday. The firm set a “sell” rating on the construction company’s stock.

IGC Pharma Stock Up 21.4 %

Shares of IGC Pharma stock opened at $0.59 on Thursday. IGC Pharma has a one year low of $0.25 and a one year high of $0.91. The stock has a market capitalization of $37.60 million, a P/E ratio of -2.27 and a beta of 1.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.85 and a quick ratio of 0.86.

IGC Pharma (NYSEAMERICAN:IGC) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported ($0.09) earnings per share (EPS) for the quarter. The company had revenue of $0.20 million for the quarter. IGC Pharma had a negative net margin of 1,163.24% and a negative return on equity of 110.37%.

Hedge Funds Weigh In On IGC Pharma

A number of hedge funds have recently added to or reduced their stakes in IGC. Renaissance Technologies LLC purchased a new position in shares of IGC Pharma in the 2nd quarter worth approximately $115,000. Commonwealth Equity Services LLC boosted its stake in shares of IGC Pharma by 211.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 165,490 shares of the construction company’s stock worth $59,000 after buying an additional 112,334 shares during the last quarter. Millennium Management LLC boosted its stake in shares of IGC Pharma by 76.2% in the 4th quarter. Millennium Management LLC now owns 144,724 shares of the construction company’s stock worth $46,000 after buying an additional 62,599 shares during the last quarter. Vident Investment Advisory LLC boosted its stake in shares of IGC Pharma by 66.3% in the 1st quarter. Vident Investment Advisory LLC now owns 104,011 shares of the construction company’s stock worth $99,000 after buying an additional 41,457 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of IGC Pharma by 302.6% in the 2nd quarter. Jane Street Group LLC now owns 48,281 shares of the construction company’s stock worth $26,000 after buying an additional 36,290 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 biotechnology company, engages in developing cannabinoid-based formulations for treating diseases and conditions, including Alzheimer's disease, dysmenorrhea, premenstrual syndrome, and chronic pain. The company has two investigational drug assets targeting Alzheimer's disease comprising IGC-AD1, which is in a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer's; and TGR-63 that is in pre-clinical development.