Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Large Increase in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 1,004,775 shares, a growth of 97.4% from the June 30th total of 509,079 shares. Based on an average daily volume of 275,500 shares, the short-interest ratio is currently 3.6 days. Currently, 8.5% of the shares of the company are short sold.

Incannex Healthcare Stock Performance

Shares of IXHL stock traded down $0.05 on Wednesday, hitting $2.91. The company had a trading volume of 94,182 shares, compared to its average volume of 377,420. The firm has a market cap of $34.83 million, a P/E ratio of -1.88 and a beta of 6.95. Incannex Healthcare has a twelve month low of $2.49 and a twelve month high of $39.60. The stock’s 50-day moving average is $3.42 and its two-hundred day moving average is $5.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC grew its stake in shares of Incannex Healthcare by 87.3% in the 4th quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock valued at $270,000 after buying an additional 351,232 shares during the period. Arete Wealth Advisors LLC grew its stake in shares of Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after acquiring an additional 1,044,862 shares in the last quarter. Jane Street Group LLC increased its stake in Incannex Healthcare by 547.4% in the 4th quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after buying an additional 1,261,385 shares during the last quarter. LPL Financial LLC lifted its holdings in Incannex Healthcare by 639.1% during the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after acquiring an additional 290,000 shares during the period. Finally, AdvisorShares Investments LLC raised its stake in shares of Incannex Healthcare by 40.8% during the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after purchasing an additional 192,449 shares during the period. 0.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

IXHL has been the subject of a number of research analyst reports. Alliance Global Partners began coverage on shares of Incannex Healthcare in a research report on Monday, June 8th. They set a “buy” rating and a $18.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Friday, July 17th. Finally, Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Incannex Healthcare has an average rating of “Hold” and an average target price of $18.00.

About Incannex Healthcare

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.