Short Interest in Incannex Healthcare Inc. (NASDAQ:IXHL) Increases By 97.4%

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a large increase in short interest in July. As of July 15th, there was short interest totaling 1,004,775 shares, an increase of 97.4% from the June 30th total of 509,079 shares. Based on an average daily trading volume, of 275,500 shares, the short-interest ratio is presently 3.6 days. Approximately 8.5% of the shares of the stock are short sold.

Incannex Healthcare Stock Up 0.7%

Shares of NASDAQ IXHL traded up $0.02 during midday trading on Thursday, reaching $2.93. The company had a trading volume of 73,647 shares, compared to its average volume of 375,323. The stock has a market cap of $35.07 million, a PE ratio of -1.89 and a beta of 6.95. Incannex Healthcare has a one year low of $2.49 and a one year high of $27.69. The firm’s fifty day moving average price is $3.41 and its 200-day moving average price is $4.94.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Virtu Financial LLC boosted its position in Incannex Healthcare by 87.3% during 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 during the period. Arete Wealth Advisors LLC increased its position in shares of 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 during the period. 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 acquiring an additional 1,261,385 shares during the last quarter. LPL Financial LLC raised its stake 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 valued at $120,000 after acquiring an additional 290,000 shares during the last quarter. Finally, AdvisorShares Investments LLC boosted its holdings 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. 0.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IXHL. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Friday, July 17th. Finally, Alliance Global Partners started coverage on Incannex Healthcare in a report on Monday, June 8th. They set a “buy” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Incannex Healthcare currently has a consensus rating of “Hold” and an average price target of $18.00.

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.