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

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 120,600 shares, a growth of 6.3% from the August 31st total of 113,400 shares. Based on an average daily volume of 29,800 shares, the short-interest ratio is presently 4.0 days. Approximately 0.9% of the shares of the stock are sold short.

Hedge Funds Weigh In On Incannex Healthcare

Several hedge funds have recently made changes to their positions in IXHL. Virtu Financial LLC acquired a new position in shares of Incannex Healthcare in the 1st quarter worth approximately $39,000. AdvisorShares Investments LLC acquired a new position in shares of Incannex Healthcare in the fourth quarter worth about $180,000. Finally, Tidal Investments LLC acquired a new position in shares of Incannex Healthcare in the first quarter worth about $1,520,000. Institutional investors and hedge funds own 0.43% of the company’s stock.

Incannex Healthcare Stock Performance

Shares of IXHL traded down $0.03 during mid-day trading on Monday, hitting $1.99. The company’s stock had a trading volume of 2,877 shares, compared to its average volume of 124,875. The firm has a 50-day moving average price of $1.88 and a 200 day moving average price of $2.53. Incannex Healthcare has a fifty-two week low of $0.80 and a fifty-two week high of $12.68.

About Incannex Healthcare

Incannex Healthcare Inc, a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.