Wall Street Zen Downgrades Incannex Healthcare (NASDAQ:IXHL) to Sell

Incannex Healthcare (NASDAQ:IXHL) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other analysts have also commented on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Friday, July 17th. Alliance Global Partners initiated coverage on Incannex Healthcare in a research note on Monday, June 8th. They issued a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Incannex Healthcare Stock Performance

Incannex Healthcare stock opened at $3.21 on Friday. The company has a market cap of $40.29 million, a PE ratio of -1.90 and a beta of 6.97. Incannex Healthcare has a 1 year low of $2.49 and a 1 year high of $15.00. The company’s 50-day moving average is $3.31 and its two-hundred day moving average is $3.44.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings results on Friday, September 25th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.27). Research analysts forecast that Incannex Healthcare will post -2.63 EPS for the current year.

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.