Incannex Healthcare (NASDAQ:IXHL) Shares Up 5.8% – Here’s What Happened

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 traded hands during trading, an increase of 35% from the average daily volume of 306,335 shares. The stock had previously closed at $3.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Alliance Global Partners initiated coverage on Incannex Healthcare in a research report on Monday, June 8th. They issued a “buy” rating and a $18.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.00.

Incannex Healthcare Price Performance

The stock has a market capitalization of $43.33 million, a P/E ratio of -2.34 and a beta of 7.01. The stock’s fifty day moving average is $3.73 and its two-hundred day moving average is $6.27.

Hedge Funds Weigh In On Incannex Healthcare

A number of hedge funds have recently modified their holdings of the stock. AdvisorShares Investments LLC raised its position in shares of Incannex Healthcare by 40.8% during the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after purchasing an additional 192,449 shares during the period. Arete Wealth Advisors LLC acquired a new position in shares of Incannex Healthcare in the 3rd quarter valued at $547,000. Virtu Financial LLC boosted its position in shares of 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 purchasing an additional 351,232 shares during the period. Jane Street Group LLC increased its stake in Incannex Healthcare by 547.4% in the 4th quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock worth $534,000 after purchasing an additional 1,261,385 shares in the last quarter. Finally, LPL Financial LLC increased its stake 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 in the last quarter. 0.43% of the stock is currently owned by institutional investors and hedge funds.

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.