Incannex Healthcare (NASDAQ:IXHL) Trading Down 8.8% – Here’s What Happened

Incannex Healthcare Inc. (NASDAQ:IXHL) fell 8.8% on Tuesday . The company traded as low as $0.4034 and last traded at $0.4036. 11,805,819 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 26,596,620 shares. The stock had previously closed at $0.4427.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Incannex Healthcare Stock Down 8.8%

The company has a market capitalization of $139.74 million, a PE ratio of -0.68 and a beta of 7.46. The firm’s 50-day moving average is $0.38 and its 200-day moving average is $0.44.

Incannex Healthcare (NASDAQ:IXHL) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.37. The firm had revenue of $0.05 million for the quarter, compared to analysts’ expectations of $0.20 million.

Institutional Trading of Incannex Healthcare

Several hedge funds and other institutional investors have recently bought and sold shares of IXHL. Virtu Financial LLC purchased a new position in shares of Incannex Healthcare during the third quarter worth approximately $187,000. Arete Wealth Advisors LLC bought a new position in shares of Incannex Healthcare during the 3rd quarter valued at $547,000. Abacus Wealth Partners LLC purchased a new position in Incannex Healthcare in the 3rd quarter worth $116,000. Finally, AdvisorShares Investments LLC raised its position in Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after purchasing an additional 127,324 shares during the period. Hedge funds and other institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Company Profile

Incannex Healthcare Ltd is a clinical-stage biopharmaceutical company focused on developing novel therapies that combine cannabinoid and psychedelic compounds. Headquartered in Melbourne, Australia, with research operations in the United States, the company seeks to leverage the therapeutic potential of its proprietary formulations to address a range of medical conditions. Incannex is publicly traded on the NASDAQ under the ticker IXHL and maintains a presence in both Australia and North America.

The company’s research and development pipeline includes multiple product candidates in various stages of clinical evaluation.