IGC Pharma Inc [AMEX: IGC] gained 7.73% or 0.05 points to close at $0.69 with a heavy trading volume of 6462248 shares. The company report on March 26, 2024 at 3:00 PM that IGC Pharma Announces $3 Million Unregistered Private Placement of its Common Stock.
IGC Pharma, Inc. (NYSE American: IGC) (“IGC” or the “Company”) today announced a $3 million strategic investment from funds managed by Bradbury Asset Management (Hong Kong) Limited (“Bradbury”), a leading asset management firm.
On March 22, 2024, the Company entered into a Share Purchase Agreement (the “SPA”) with Bradbury, subject to the terms and subject to the conditions set forth in the SPA. The investment is for approximately $3 million in gross proceeds at the March 21, 2024, closing price of $0.34. The funds will support general corporate purposes and the Company’s advancement of its investigational medicines including IGC-AD1.
The daily chart for IGC points out that the company has recorded 97.79% gains over the past six months.
If we look at the average trading volume of 591.08K shares, IGC reached to a volume of 6462248 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 $3.25 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 0.08, with the Price to Sales ratio for IGC stock in the period of the last 12 months amounting to 37.36. The Price to Book ratio for the last quarter was 4.86, 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 69.72. With this latest performance, IGC shares gained by 105.76% in over the last four-week period, additionally plugging by 97.79% over the last 6 months – not to mention a rise of 98.59% 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 88.75, with the RSI for the last a single of trading hit 92.42, and the three-weeks RSI is set at 85.47 for IGC Pharma Inc [IGC]. The present Moving Average for the last 50 days of trading for this stock 0.3428, while it was recorded at 0.5484 for the last single week of trading, and 0.3305 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 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in IGC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in IGC stock with ownership which is approximately 5.8386%.
