((X1 * C1) & C2) ==/!= 0 --> (X1 & 1) ==/!= 0
... iff C2 is a power-of-2 and C1 is a multiple of C2, and C2 does not have known zero low-bits set
This is a reduced form of one proposed transform in D114272.
If I translated the pre-conditions correctly, then this is just a test of the LSB of the input operand:
https://alive2.llvm.org/ce/z/YB_4pn
This fold should probably be in foldICmpAndConstConst()