IGC Pharma (NYSEMKT:IGC) Trading Down 7.4% – Time to Sell?

IGC Pharma, Inc. (NYSEMKT:IGC) shares dropped 7.4% on Thursday . The company 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 equities analysts have issued reports on IGC shares. Alliance Global Partners reaffirmed a “buy” rating and set a $3.50 price objective on shares of IGC Pharma in a report on Thursday, March 6th. Ascendiant Capital Markets lifted their price target on IGC Pharma from $4.00 to $4.25 and gave the stock a “buy” rating in a research report on Monday, February 24th.

IGC Pharma Trading Down 9.2 %

The business’s 50 day simple moving average is $0.31 and its 200 day simple moving average is $0.35. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.15 and a quick ratio of 0.98. The company has a market capitalization of $23.59 million, a price-to-earnings ratio of -2.69 and a beta of 1.21.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Northern Trust Corp raised its holdings in 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 in the last quarter. Virtu Financial LLC increased its position in IGC Pharma by 164.7% during the 3rd 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. Squarepoint Ops LLC purchased a new position in shares of IGC Pharma during the 4th quarter worth approximately $42,000. Finally, Geode Capital Management LLC lifted its holdings in shares of IGC Pharma by 31.0% in the 3rd quarter. Geode Capital Management LLC now owns 562,969 shares of the company’s stock valued at $240,000 after buying an additional 133,142 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.