IGC Pharma (NYSEMKT:IGC) Trading Down 13.8% – Should You Sell?

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

Wall Street Analysts Forecast Growth

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

IGC Pharma Trading Down 13.8%

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 capitalization of $26.10 million, a P/E ratio of -2.55 and a beta of 0.24. The firm’s 50-day moving average price is $0.34 and its 200 day moving average price is $0.36.

Institutional Inflows and Outflows

An institutional investor recently raised its position in IGC Pharma stock. Virtu Financial LLC boosted its position in IGC Pharma, Inc. (NYSEMKT:IGC) by 91.0% in the third quarter, according to its most recent 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 period. Virtu Financial LLC owned about 0.10% of IGC Pharma worth $37,000 as of its most recent SEC filing. 3.87% of the stock is currently owned by hedge funds and other institutional investors.

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.