Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Update

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 21,688,567 shares, an increase of 29.9% from the January 15th total of 16,695,670 shares. Approximately 6.3% of the shares of the stock are sold short. Based on an average trading volume of 7,462,617 shares, the short-interest ratio is presently 2.9 days. Based on an average trading volume of 7,462,617 shares, the short-interest ratio is presently 2.9 days. Approximately 6.3% of the shares of the stock are sold short.

Incannex Healthcare Stock Up 0.0%

NASDAQ:IXHL opened at $0.27 on Monday. The company has a market cap of $93.17 million, a P/E ratio of -0.46 and a beta of 7.46. The firm’s 50 day moving average is $0.36 and its two-hundred day moving average is $0.42. Incannex Healthcare has a fifty-two week low of $0.08 and a fifty-two week high of $1.88.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Incannex Healthcare

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AdvisorShares Investments LLC lifted its stake in shares of Incannex Healthcare by 16.6% during the second quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company’s stock worth $74,000 after purchasing an additional 48,920 shares in the last quarter. Abacus Wealth Partners LLC purchased a new stake in shares of Incannex Healthcare during the 3rd quarter valued at about $116,000. LPL Financial LLC lifted its position in Incannex Healthcare by 639.1% during the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after acquiring an additional 290,000 shares in the last quarter. Virtu Financial LLC purchased a new position in Incannex Healthcare in the 3rd quarter worth approximately $187,000. Finally, Arete Wealth Advisors LLC grew its position 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 valued at $796,000 after acquiring an additional 1,044,862 shares in the last quarter. Institutional investors and hedge funds own 0.43% of the company’s stock.

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.