IGC Pharma (NYSEMKT:IGC) Trading Down 7.4% – Here’s What Happened

Shares of IGC Pharma, Inc. (NYSEMKT:IGC) were 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 Ratings Changes

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

IGC Pharma Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.98 and a current ratio of 1.15. The stock has a market capitalization of $24.06 million, a P/E ratio of -2.75 and a beta of 1.21. The business has a 50-day moving average price of $0.31 and a 200 day moving average price of $0.35.

Hedge Funds Weigh In On IGC Pharma

Large investors have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new position in IGC Pharma during the fourth quarter valued at approximately $42,000. Northern Trust Corp raised its stake in IGC Pharma by 59.7% during the 4th quarter. Northern Trust Corp now owns 113,407 shares of the company’s stock valued at $38,000 after buying an additional 42,380 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of IGC Pharma by 19.0% during the 4th quarter. Geode Capital Management LLC now owns 669,685 shares of the company’s stock valued at $225,000 after buying an additional 106,716 shares during the period. Finally, Virtu Financial LLC boosted its stake in shares of IGC Pharma by 164.7% in the 3rd quarter. Virtu Financial LLC now owns 123,060 shares of the company’s stock worth $53,000 after buying an additional 76,563 shares during the last quarter. Hedge funds and other institutional investors own 3.87% of the company’s stock.

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.