Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Large Growth in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 1,265,156 shares, an increase of 50.1% from the February 26th total of 842,808 shares. Currently, 10.7% of the shares of the company are sold short. Based on an average trading volume of 960,155 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IXHL. Abacus Wealth Partners LLC bought a new position in shares of Incannex Healthcare in the third quarter worth $116,000. Jane Street Group LLC raised its stake in shares of Incannex Healthcare by 547.4% during the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after purchasing an additional 1,261,385 shares in the last quarter. Arete Wealth Advisors LLC lifted its holdings in Incannex Healthcare by 88.7% in the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after purchasing an additional 1,044,862 shares during the period. Virtu Financial LLC grew its position in Incannex Healthcare by 87.3% in the 4th quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock valued at $270,000 after buying an additional 351,232 shares in the last quarter. Finally, 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 valued at $120,000 after buying an additional 290,000 shares in the last quarter. Institutional investors and hedge funds own 0.43% of the company’s stock.

Incannex Healthcare Price Performance

Incannex Healthcare stock opened at $3.24 on Monday. Incannex Healthcare has a 52-week low of $2.40 and a 52-week high of $49.80. The firm has a market capitalization of $38.65 million, a price-to-earnings ratio of -0.39 and a beta of 7.56. The firm has a 50-day moving average price of $6.56 and a two-hundred day moving average price of $10.29.

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. Wall Street Zen downgraded Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Monday, March 16th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Incannex Healthcare has a consensus rating of “Sell”.

About Incannex Healthcare

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.