Incannex Healthcare (NASDAQ:IXHL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Incannex Healthcare (NASDAQ:IXHL) from a sell rating to a hold rating in a research note issued to investors on Sunday morning.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Incannex Healthcare presently has an average rating of “Sell”.

Incannex Healthcare Trading Up 18.4%

Shares of NASDAQ:IXHL opened at $5.01 on Friday. The firm has a 50 day moving average of $8.69 and a 200-day moving average of $11.69. Incannex Healthcare has a 12 month low of $2.40 and a 12 month high of $49.80. The stock has a market capitalization of $59.77 million, a PE ratio of -0.60 and a beta of 7.55.

Incannex Healthcare (NASDAQ:IXHL) last posted its quarterly earnings results on Friday, February 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.60).

Hedge Funds Weigh In On Incannex Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Abacus Wealth Partners LLC bought a new position in Incannex Healthcare in the third quarter valued at about $116,000. LPL Financial LLC grew its holdings in shares of Incannex Healthcare by 639.1% during the fourth 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 acquired a new position in shares of Incannex Healthcare in the third quarter valued at approximately $187,000. AdvisorShares Investments LLC raised its holdings in Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock valued at $219,000 after buying an additional 127,324 shares during the last quarter. Finally, Arete Wealth Advisors LLC bought a new position in Incannex Healthcare in the 3rd quarter valued at approximately $547,000. Institutional investors and hedge funds 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.