Incannex Healthcare (NASDAQ:IXHL) Trading Up 5.8% – Time to Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL)’s stock price was up 5.8% during trading on Monday . The stock traded as high as $3.79 and last traded at $3.62. 413,017 shares were traded during trading, an increase of 35% from the average session volume of 306,335 shares. The stock had previously closed at $3.42.

Analyst Ratings Changes

Several research firms recently issued reports on IXHL. Alliance Global Partners started coverage on Incannex Healthcare in a research report on Monday, June 8th. They issued 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 note on Tuesday, April 21st. Finally, Wall Street Zen raised Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $18.00.

Incannex Healthcare Trading Down 1.3%

The business’s 50-day simple moving average is $3.73 and its 200-day simple moving average is $6.21. The company has a market capitalization of $44.41 million, a PE ratio of -2.39 and a beta of 7.00.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. LPL Financial LLC boosted its holdings in Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after purchasing an additional 290,000 shares during the last quarter. Virtu Financial LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth about $187,000. 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 valued at $238,000 after buying an additional 192,449 shares during the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of Incannex Healthcare during the 3rd quarter valued at about $547,000. Finally, Jane Street Group LLC lifted its holdings in shares of 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 period. Hedge funds and other institutional investors own 0.43% of the company’s stock.

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.