IGC Stock Price: India Globalization Capital Inc. shaves gains after record setting day
|- NYSEAMERICAN:IGC closes slightly down on Thursday as shares shed 0.78%.
- The pharmaceutical company received FDA approval for Phase 1 of its cannabinoid-based treatment for Alzheimer’s disease and Dementia.
It has been a profitable couple of days for NYSEAMERICAN:IGC investors as shares skyrocketed on Wednesday by over 300% – signalling the highest prices for the company since early 2019. The stock price regressed slightly on Thursday as investors skimmed off some of the profits from the historic rise the day before. Wednesday brought a record volume of over 334 million shares or about 55 times the usual moving volume for the stock.
IGC confirmed that on July 30th, the FDA approved its cannabinoid therapy IGC-AD1 – to proceed to Phase 1 of its clinical trials for testing on humans. This is a huge first step for IGC as they work towards distributing a THC-based treatment for Alzheimer's disease. The treatment stands apart from others as the first therapy for the devastating disease using natural and organic cannabis extracts. If successful, this could be an entirely new way of treating neurological diseases without the need for pharmaceuticals.
IGC Stock News
On Thursday, IGC briefly touched its 52-week high of $4.50 per share but the stock price quickly retreated throughout the day. The future is bright for India Globalization Capital though as they move into Phase 1 for their innovative new treatment. If the clinical trials are successful, IGC would have the organic market for Alzheimer’s disease therapies completely cornered – creating a nice industry moat for the firm. Investors should remain optimistic of the future success of the company, although much of the anticipation may already have been baked into the Wednesday spike.
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