IGC Pharma’s (IGC) “Buy” Rating Reiterated at Alliance Global Partners

Alliance Global Partners reissued their buy rating on shares of IGC Pharma (NYSEMKT:IGC) in a report published on Thursday morning,Benzinga reports. Alliance Global Partners currently has a $3.50 price objective on the stock.

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

IGC Pharma Stock Down 6.2 %

IGC opened at $0.31 on Thursday. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $24.38 million, a price-to-earnings ratio of -2.78 and a beta of 1.21. The firm’s 50 day moving average is $0.32 and its two-hundred day moving average is $0.35.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IGC. Geode Capital Management LLC boosted its position 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 acquiring an additional 133,142 shares during the period. Squarepoint Ops LLC bought a new stake in shares of IGC Pharma in the 4th quarter worth $42,000. Northern Trust Corp raised its position in shares of IGC Pharma by 59.7% during the fourth quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock worth $38,000 after purchasing an additional 42,380 shares during the period. Finally, Virtu Financial LLC raised its position in shares of IGC Pharma by 164.7% during the third 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 period. Institutional investors and hedge funds own 3.87% of the company’s stock.

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.