Incannex Healthcare (NASDAQ:IXHL) Shares Up 1% – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL)’s stock price shot up 1% on Monday . The company traded as high as $0.48 and last traded at $0.45. 74,164,597 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 244,147,872 shares. The stock had previously closed at $0.44.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Incannex Healthcare to a “hold” rating in a research report on Friday, July 18th.

Incannex Healthcare Trading Up 1.0%

The firm has a market cap of $13.14 million, a price-to-earnings ratio of -0.37 and a beta of 7.67. The stock has a 50-day moving average of $0.40 and a two-hundred day moving average of $0.70.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.22. The business had revenue of $0.10 million for the quarter, compared to analyst estimates of $0.16 million.

Institutional Investors Weigh In On Incannex Healthcare

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 16.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 343,954 shares of the company’s stock after acquiring an additional 48,920 shares during the quarter. AdvisorShares Investments LLC owned 1.17% of Incannex Healthcare worth $74,000 at the end of the most recent quarter. 0.43% of the stock is owned by hedge funds and other 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.