IGC Pharma (NYSEMKT:IGC) Trading Down 7.4% – Should You Sell?

IGC Pharma, Inc. (NYSEMKT:IGC) was down 7.4% on Thursday . The stock traded as low as $0.32 and last traded at $0.30. Approximately 214,616 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 485,148 shares. The stock had previously closed at $0.33.

Analyst Upgrades and Downgrades

Several brokerages have commented on IGC. Ascendiant Capital Markets raised their price target on shares of IGC Pharma from $4.00 to $4.25 and gave the company a “buy” rating in a report on Monday, February 24th. Alliance Global Partners reiterated a “buy” rating and issued a $3.50 price objective on shares of IGC Pharma in a research report on Thursday, March 6th.

IGC Pharma Trading Down 7.4 %

The firm’s 50-day simple moving average is $0.31 and its 200-day simple moving average is $0.35. The firm has a market capitalization of $24.06 million, a PE ratio of -2.75 and a beta of 1.21. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.02.

Institutional Investors Weigh In On IGC Pharma

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in IGC Pharma by 19.0% in the 4th quarter. Geode Capital Management LLC now owns 669,685 shares of the company’s stock worth $225,000 after buying an additional 106,716 shares during the period. Squarepoint Ops LLC bought a new position in shares of IGC Pharma during the fourth quarter valued at approximately $42,000. Virtu Financial LLC lifted its stake in IGC Pharma by 164.7% in the third quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock worth $53,000 after acquiring an additional 76,563 shares during the period. Finally, Northern Trust Corp lifted its stake in IGC Pharma by 59.7% in the fourth quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock worth $38,000 after acquiring an additional 42,380 shares during the period. 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.