Incannex Healthcare (NASDAQ:IXHL) Announces Earnings Results, Misses Estimates By $0.27 EPS

Incannex Healthcare (NASDAQ:IXHL) issued its quarterly earnings data on Friday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.27), Zacks reports.

Incannex Healthcare Trading Down 2.4%

IXHL stock opened at $3.32 on Friday. The stock has a market capitalization of $39.74 million, a P/E ratio of -2.14 and a beta of 6.97. Incannex Healthcare has a 12 month low of $2.49 and a 12 month high of $19.71. The firm has a 50-day moving average price of $3.30 and a 200-day moving average price of $3.47.

Analyst Upgrades and Downgrades

IXHL has been the topic of a number of 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 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.00.

Incannex Healthcare Company Profile

Incannex Healthcare Limited (NASDAQ: IXHL) is a clinical-stage biotechnology company developing pharmaceutical products and therapies for conditions with significant unmet medical needs. The company’s research focuses on cannabinoid- and psychedelic-assisted treatments, with programs addressing sleep-disordered breathing, pain, inflammation, mental health and other complex disorders.

One of Incannex’s principal programs is IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.