IGC Pharma (NYSEMKT:IGC) Stock Price Down 13.8% – Here’s Why

IGC Pharma, Inc. (NYSEMKT:IGC)’s share price dropped 13.8% during trading on Tuesday . The stock traded as low as $0.3224 and last traded at $0.2810. Approximately 214,616 shares were traded during trading, a decline of 77% from the average daily volume of 913,992 shares. The stock had previously closed at $0.3261.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IGC shares. Ascendiant Capital Markets boosted their price target on IGC Pharma from $4.50 to $4.75 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Zacks Research downgraded IGC Pharma from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, IGC Pharma presently has a consensus rating of “Moderate Buy” and an average target price of $4.13.

IGC Pharma Trading Down 13.8%

The firm’s fifty day simple moving average is $0.34 and its 200 day simple moving average is $0.36. The stock has a market capitalization of $26.10 million, a P/E ratio of -2.55 and a beta of 0.24. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.98 and a current ratio of 1.15.

Institutional Investors Weigh In On IGC Pharma

An institutional investor recently raised its position in IGC Pharma stock. Virtu Financial LLC boosted its holdings in IGC Pharma, Inc. (NYSEMKT:IGC) by 91.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 89,546 shares of the company’s stock after purchasing an additional 42,654 shares during the quarter. Virtu Financial LLC owned about 0.10% of IGC Pharma worth $37,000 at the end of the most recent quarter. Hedge funds and other institutional investors 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. The company was formerly known as India Globalization Capital, Inc and changed its name to IGC Pharma, Inc in March 2023. The company was incorporated in 2005 and is headquartered in Potomac, Maryland.