Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Significant Drop in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 814,576 shares, a drop of 35.6% from the March 15th total of 1,265,156 shares. Based on an average daily trading volume, of 548,449 shares, the short-interest ratio is presently 1.5 days. Approximately 6.9% of the shares of the company are short sold.

Incannex Healthcare Stock Down 0.3%

IXHL stock traded down $0.01 during midday trading on Tuesday, reaching $3.54. The company had a trading volume of 497,822 shares, compared to its average volume of 494,096. The firm has a market capitalization of $42.23 million, a PE ratio of -0.42 and a beta of 7.50. The stock has a 50 day moving average price of $4.91 and a 200 day moving average price of $9.12. Incannex Healthcare has a fifty-two week low of $2.40 and a fifty-two week high of $49.80.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings results on Friday, February 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02).

Hedge Funds Weigh In On Incannex Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of the company. Abacus Wealth Partners LLC acquired a new stake in shares of Incannex Healthcare in the 3rd quarter worth about $116,000. LPL Financial LLC grew its position in Incannex Healthcare by 639.1% in the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after purchasing an additional 290,000 shares during the last quarter. Virtu Financial LLC bought a new position in Incannex Healthcare in the 3rd quarter worth about $187,000. AdvisorShares Investments LLC increased its stake in shares of Incannex Healthcare by 37.0% in the third quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock valued at $219,000 after purchasing an additional 127,324 shares during the period. Finally, Arete Wealth Advisors LLC bought a new stake in shares of Incannex Healthcare during the third quarter valued at approximately $547,000. Institutional investors and hedge funds own 0.43% of the company’s stock.

Analyst Upgrades and Downgrades

IXHL has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Monday, March 16th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Incannex Healthcare currently has a consensus rating of “Sell”.

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.