Incannex Healthcare (NASDAQ:IXHL) Trading Up 1.1% – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL) shares were up 1.1% during trading on Friday . The company traded as high as $0.3749 and last traded at $0.3610. Approximately 6,205,588 shares changed hands during trading, a decline of 44% from the average daily volume of 11,166,855 shares. The stock had previously closed at $0.3571.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Incannex Healthcare Price Performance

The stock has a market cap of $124.99 million, a P/E ratio of -0.61 and a beta of 7.46. The stock’s 50-day moving average is $0.40 and its two-hundred day moving average is $0.41.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.37. The business had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.20 million.

Hedge Funds Weigh In On Incannex Healthcare

A number of large investors have recently added to or reduced their stakes in the company. AdvisorShares Investments LLC raised its holdings in shares of Incannex Healthcare by 16.6% in the second quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company’s stock worth $74,000 after buying an additional 48,920 shares during the last quarter. Abacus Wealth Partners LLC acquired a new position in shares of Incannex Healthcare in the 3rd quarter valued at $116,000. Virtu Financial LLC purchased a new position in Incannex Healthcare in the 3rd quarter worth $187,000. Finally, Arete Wealth Advisors LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth about $547,000. 0.43% of the stock is currently owned by institutional investors.

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.