Incannex Healthcare (NASDAQ:IXHL) Trading Up 2.4% – Here’s What Happened

Incannex Healthcare Inc. (NASDAQ:IXHL) was up 2.4% on Wednesday . The company traded as high as $3.47 and last traded at $3.44. 99,552 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 91,511 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

Several analysts recently issued reports on IXHL shares. Wall Street Zen raised Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Alliance Global Partners assumed coverage on Incannex Healthcare in a research report on Monday, June 8th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Incannex Healthcare 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 $41.18 million, a price-to-earnings ratio of -2.22 and a beta of 6.98. The stock’s 50 day simple moving average is $3.34 and its 200-day simple moving average is $4.13.

Institutional Investors Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in Incannex Healthcare in the third quarter worth $187,000. AdvisorShares Investments LLC raised its holdings in Incannex Healthcare by 40.8% during the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after buying an additional 192,449 shares in the last quarter. LPL Financial LLC raised its holdings in 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 buying an additional 290,000 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock worth $534,000 after buying an additional 1,261,385 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted 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 worth $796,000 after buying an additional 1,044,862 shares during the last quarter. 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.