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

IGC Pharma, Inc. (NYSEMKT:IGC) dropped 7.4% during trading on Thursday . The stock traded as low as $0.32 and last traded at $0.30. Approximately 214,616 shares traded 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.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IGC shares. Ascendiant Capital Markets boosted their price target on shares of IGC Pharma from $4.00 to $4.25 and gave the stock a “buy” rating in a research report on Monday, February 24th. Alliance Global Partners restated a “buy” rating and set a $3.50 target price on shares of IGC Pharma in a report on Thursday, March 6th.

IGC Pharma Stock Performance

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

Institutional Investors Weigh In On IGC Pharma

A number of hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp raised its position in IGC Pharma by 59.7% in the 4th quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock valued at $38,000 after purchasing an additional 42,380 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of IGC Pharma during the fourth quarter worth approximately $42,000. Virtu Financial LLC raised its holdings in IGC Pharma by 164.7% in the third quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock valued at $53,000 after acquiring an additional 76,563 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in IGC Pharma by 19.0% in the fourth quarter. Geode Capital Management LLC now owns 669,685 shares of the company’s stock worth $225,000 after acquiring an additional 106,716 shares during the last quarter. 3.87% of the stock is currently owned by institutional investors and hedge funds.

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.