IGC Pharma Inc [AMEX: IGC] gained 1.99% or 0.01 points to close at $0.35 with a heavy trading volume of 3893692 shares. The company report on February 28, 2024 at 1:00 PM that Promising Results: TGR-63 Enhances Memory in Alzheimer’s Mouse Model.
IGC Pharma, Inc. (“IGC Pharma,” “IGC,” or the “Company”) (NYSE American: IGC) today announced the results of preclinical studies investigating its drug candidate TGR-63 as a treatment for Alzheimer’s disease. The data demonstrated enhanced memory function in an Alzheimer’s mouse model, including improved memory acquisition, consolidation, and retrieval.
TGR-63 is a therapeutic candidate designed to disrupt the structure of the amyloid-β (Aβ) peptide, mitigating symptoms such as memory loss and disrupted learning ability, signs of cognitive impairment. TGR-63 targets a critical neuropathological hallmark of Alzheimer’s Disease by addressing the misfolding and aggregation of Aβ peptides, specifically the toxic Aβ42 aggregation species associated with neuronal toxicity and cognitive decline. The cognitive impact of TGR-63 was assessed using two renowned behavioral tests, the Novel Object Recognition (“NOR”) Test and the Morris Water Maze (“MWM”), conducted on APP/PS1 genetically modified Alzheimer’s mice.
The daily chart for IGC points out that the company has recorded 9.16% gains over the past six months.
If we look at the average trading volume of 328.31K shares, IGC reached to a volume of 3893692 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about IGC Pharma Inc [IGC]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IGC shares is $3.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IGC stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
The Average True Range (ATR) for IGC Pharma Inc is set at 0.04, with the Price to Sales ratio for IGC stock in the period of the last 12 months amounting to 18.23. The Price to Book ratio for the last quarter was 2.46, with the Price to Cash per share for the same quarter was set at 0.02.
Trading performance analysis for IGC stock
IGC Pharma Inc [IGC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 24.24. With this latest performance, IGC shares gained by 24.16% in over the last four-week period, additionally plugging by 9.16% over the last 6 months – not to mention a drop of -7.89% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IGC stock in for the last two-week period is set at 68.00, with the RSI for the last a single of trading hit 72.01, and the three-weeks RSI is set at 64.69 for IGC Pharma Inc [IGC]. The present Moving Average for the last 50 days of trading for this stock 0.2899, while it was recorded at 0.3228 for the last single week of trading, and 0.3206 for the last 200 days.
IGC Pharma Inc [IGC]: A deeper dive into fundamental analysis
IGC Pharma Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.83 and a Current Ratio set at 1.85.
An analysis of Institutional ownership at IGC Pharma Inc [IGC]
The top three institutional holders of IGC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in IGC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in IGC stock with ownership which is approximately 5.8325%.
