On Thursday. June 24, 2021, India Globalization Capital, Inc. (IGC) announced that it has completed cohort 3 of its phase 1 clinical trial conducted of IGC’s tetrahydrocannabinol based investigational drug, IGC-AD1. The stock closed at $1.65 and made a change of +0.17 and a percentage change of +11.49% during the market trading hours. The impact initiated during the premarket watch The news of IGC’s completion of its drug pushed the stock in such a way that it had a gap opening in the day trading graph.
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Breaking down the news
India globalization capital Inc. produces cannabinoid-based therapies for the treatment of Alzheimer’s disease. Earlier this month IGC announced the completion of the cohort 2 drug trial which lifted the stock by 27%. After, declaring the completion of its cohort 3 trials, the IGC stock rose as high as 35% in recent trading. To IGC’s knowledge, it is one of its kind medication to be tested on humans using a low dosage of THC, a psychoactive member of the cannabinoid class of product produced by the cannabis Sativa plant. If the drug trials become successful, IGC-AD1 could provide some relief for 50 million people around the world expected to be impacted by Alzheimer’s disease by 2030.
During mid of this month on 15th June 2021, IGC published its financial results for the fiscal year 2021. Revenues were reported approximately $898 thousand compared to $4.1 million in the fiscal year 2020. On the other hand, net loss was reported at approximately $8.8 million or $0.21 per share, compared to approximately $7.3 million or $0.19 per share for the fiscal year 2020.
Is IGC Stock a Buy?
India globalization capital Inc. holds several positive signals. At this current position, it should be observed closely for further development. Those who have any positions in the stock should hold them for further development.