Cash is one major issue in many investors view. Maybe IPCI management think they can be nimble on low cash, but that doesn't build any confidence in most investors I can tell you that.
Solving the cash issue you'll see this stock trade much higher. It is not a buy until they fix that and show people the company is well funded and that dilution is highly unlikely.
Until this changes, IPCI is going to remain in high risk profile and not likely to receive any love from institutions.
A lot of people won't invest on speculations and they need solid fundamentals.
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