Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Large Decrease in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 5,520,000 shares, a decline of 29.6% from the August 31st total of 7,840,000 shares. Currently, 7.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 123,040,000 shares, the short-interest ratio is presently 0.0 days. Based on an average daily trading volume, of 123,040,000 shares, the short-interest ratio is presently 0.0 days. Currently, 7.6% of the shares of the stock are short sold.

Analyst Ratings Changes

Several equities analysts have weighed in on IXHL shares. Wall Street Zen raised Incannex Healthcare to a “hold” rating in a report on Friday, July 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Saturday, September 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Incannex Healthcare stock. AdvisorShares Investments LLC lifted its stake in shares of Incannex Healthcare Inc. (NASDAQ:IXHL) by 16.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 343,954 shares of the company’s stock after buying an additional 48,920 shares during the period. AdvisorShares Investments LLC owned about 1.17% of Incannex Healthcare worth $74,000 as of its most recent SEC filing. 0.43% of the stock is currently owned by institutional investors and hedge funds.

Incannex Healthcare Stock Performance

Incannex Healthcare stock opened at $0.48 on Monday. Incannex Healthcare has a 52 week low of $0.08 and a 52 week high of $3.12. The stock has a market capitalization of $14.18 million, a P/E ratio of -0.40 and a beta of 7.50. The stock has a fifty day moving average of $0.55 and a 200-day moving average of $0.45.

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.