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

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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD trades at fresh September lows

Risk-aversion is the main theme this Monday, amid resurgent coronavirus cases in the Old Continent and the announcement of  new lockdowns. ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.”


GBP/USD extends slump sub-1.2800

The Pound plunged on a dismal market mood, as PM Johnson acknowledged the kingdom is undergoing a second coronavirus wave. GBP/USD trades at one-week lows around 1.2800.


XAU/USD dives to sub-$1900 levels, six-week lows

Gold extended last week's rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session.

Gold News

Bitcoin needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News