Incannex Healthcare (NASDAQ:IXHL) Raised to Hold at Wall Street Zen

Incannex Healthcare (NASDAQ:IXHL) was upgraded by investment analysts at Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Friday.

Incannex Healthcare Stock Performance

NASDAQ IXHL opened at $0.61 on Friday. The firm has a 50-day simple moving average of $0.24 and a 200 day simple moving average of $0.84. Incannex Healthcare has a twelve month low of $0.08 and a twelve month high of $3.12. The stock has a market cap of $17.95 million, a PE ratio of -0.50 and a beta of 7.47.

Incannex Healthcare (NASDAQ:IXHL) last released its earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.22. The company had revenue of $0.10 million during the quarter, compared to the consensus estimate of $0.16 million.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Incannex Healthcare stock. AdvisorShares Investments LLC boosted its holdings in shares of Incannex Healthcare Inc. (NASDAQ:IXHL) by 30.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,495 shares of the company’s stock after purchasing an additional 38,505 shares during the period. AdvisorShares Investments LLC owned about 0.94% of Incannex Healthcare worth $351,000 as of its most recent SEC filing. 0.43% of the stock is owned by institutional investors.

Incannex Healthcare Company Profile

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.