Incannex Healthcare (NASDAQ:IXHL) Stock Price Down 8.8% – Time to Sell?

Incannex Healthcare Inc. (NASDAQ:IXHL) shares were down 8.8% during mid-day trading on Tuesday . The company traded as low as $0.4034 and last traded at $0.4036. Approximately 11,805,819 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 26,596,620 shares. The stock had previously closed at $0.4427.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Incannex Healthcare presently has a consensus rating of “Sell”.

Incannex Healthcare Trading Up 2.6%

The stock has a 50 day moving average of $0.38 and a 200-day moving average of $0.44. The company has a market capitalization of $143.34 million, a P/E ratio of -0.70 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.37. The firm had revenue of $0.05 million for the quarter, compared to analysts’ expectations of $0.20 million.

Institutional Investors Weigh In On Incannex Healthcare

A number of institutional investors have recently bought and sold shares of IXHL. Arete Wealth Advisors LLC purchased a new position in shares of Incannex Healthcare in the third quarter valued at about $547,000. AdvisorShares Investments LLC lifted its holdings in Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after purchasing an additional 127,324 shares in the last quarter. Virtu Financial LLC bought a new position in Incannex Healthcare in the 3rd quarter worth approximately $187,000. Finally, Abacus Wealth Partners LLC bought a new position in Incannex Healthcare in the 3rd quarter worth approximately $116,000. Hedge funds and other institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Company Profile

Incannex Healthcare Ltd is a clinical-stage biopharmaceutical company focused on developing novel therapies that combine cannabinoid and psychedelic compounds. Headquartered in Melbourne, Australia, with research operations in the United States, the company seeks to leverage the therapeutic potential of its proprietary formulations to address a range of medical conditions. Incannex is publicly traded on the NASDAQ under the ticker IXHL and maintains a presence in both Australia and North America.

The company’s research and development pipeline includes multiple product candidates in various stages of clinical evaluation.