Incannex Healthcare Inc. (NASDAQ:IXHL) Shares Shorted: Short Interest Down 36.3% in September

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 456,097 shares, a decrease of 36.3% from the September 15th total of 716,308 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 117,516 shares, the days-to-cover ratio is currently 3.9 days.

Incannex Healthcare Price Performance

NASDAQ IXHL traded down $0.06 during trading on Friday, hitting $2.82. 28,844 shares of the company’s stock traded hands, compared to its average volume of 71,455. The stock has a fifty day moving average of $3.31 and a two-hundred day moving average of $3.43. Incannex Healthcare has a 12-month low of $2.49 and a 12-month high of $14.91. The firm has a market cap of $35.39 million, a P/E ratio of -1.67 and a beta of 6.97.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings data on Friday, September 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.27). As a group, analysts expect that Incannex Healthcare will post -2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on IXHL shares. Zacks Research cut shares of Incannex Healthcare from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday. Finally, Wall Street Zen lowered shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $18.00.

About Incannex Healthcare

Incannex Healthcare Limited is an Australia-based clinical-stage pharmaceutical company developing therapies for conditions with significant unmet medical needs. The company’s research programs focus on cannabinoid-based medicines and psychedelic-assisted psychotherapy, with development activities spanning sleep disorders, respiratory and inflammatory diseases, pain, and mental health.

Its pipeline includes IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.