Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Significant Growth in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 21,688,567 shares, an increase of 29.9% from the January 15th total of 16,695,670 shares. Currently, 6.3% of the company’s stock are short sold. Based on an average daily trading volume, of 7,462,617 shares, the short-interest ratio is currently 2.9 days. Based on an average daily trading volume, of 7,462,617 shares, the short-interest ratio is currently 2.9 days. Currently, 6.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Institutional Trading of Incannex Healthcare

Several large investors have recently bought and sold shares of the stock. AdvisorShares Investments LLC lifted its stake in shares of Incannex Healthcare by 16.6% during 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 period. Abacus Wealth Partners LLC purchased a new position in Incannex Healthcare in the 3rd quarter worth $116,000. LPL Financial LLC lifted its position in Incannex Healthcare by 639.1% during the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after acquiring an additional 290,000 shares during the period. Virtu Financial LLC purchased a new stake in Incannex Healthcare during the 3rd quarter valued at about $187,000. Finally, Arete Wealth Advisors LLC increased its holdings in shares of Incannex Healthcare by 88.7% in the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after purchasing an additional 1,044,862 shares during the period. Hedge funds and other institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Price Performance

Incannex Healthcare stock opened at $0.26 on Wednesday. The stock has a market capitalization of $90.54 million, a price-to-earnings ratio of -0.44 and a beta of 7.46. Incannex Healthcare has a 1-year low of $0.08 and a 1-year high of $1.82. The business has a fifty day moving average price of $0.36 and a 200-day moving average price of $0.42.

Incannex Healthcare (NASDAQ:IXHL) last announced its earnings results on Friday, February 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02).

About Incannex Healthcare

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.