IGC Pharma (NYSEMKT:IGC) Stock Price Down 11.1% – Here’s Why

IGC Pharma, Inc. (NYSEMKT:IGC)’s stock price traded down 11.1% during mid-day trading on Friday . The company traded as low as $0.3224 and last traded at $0.29. 214,616 shares changed hands during mid-day 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

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

IGC Pharma Price Performance

The business’s 50-day simple moving average is $0.31 and its two-hundred day simple moving average is $0.36. The stock has a market cap of $27.56 million, a price-to-earnings ratio of -2.64 and a beta of 0.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.15 and a quick ratio of 0.98.

Institutional Investors Weigh In On IGC Pharma

A hedge fund recently raised its stake in IGC Pharma stock. Citadel Advisors LLC boosted its position in IGC Pharma, Inc. (NYSEMKT:IGC) by 131.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 627,840 shares of the company’s stock after purchasing an additional 356,874 shares during the period. Citadel Advisors LLC owned 0.68% of IGC Pharma worth $262,000 at the end of the most recent quarter. 3.87% of the stock is owned by hedge funds and other institutional investors.

About IGC Pharma

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.