Incannex Healthcare (NASDAQ:IXHL) Stock Rating Upgraded by Wall Street Zen

Incannex Healthcare (NASDAQ:IXHL) was upgraded by equities researchers at Wall Street Zen to a “sell” rating in a note issued to investors on Saturday.

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

Incannex Healthcare Stock Performance

Shares of NASDAQ:IXHL opened at $4.24 on Friday. Incannex Healthcare has a 52 week low of $2.40 and a 52 week high of $49.80. The company’s fifty day moving average is $9.80 and its 200-day moving average is $12.13. The company has a market capitalization of $1.52 billion, a PE ratio of -15.14 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings results on Friday, February 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.60).

Institutional Investors Weigh In On Incannex Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC increased its position in Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock worth $534,000 after purchasing an additional 1,261,385 shares during the period. Arete Wealth Advisors LLC bought a new stake in shares of Incannex Healthcare during the third quarter worth approximately $547,000. Virtu Financial LLC acquired a new position in Incannex Healthcare in the third quarter valued at approximately $187,000. LPL Financial LLC boosted its stake in Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after acquiring an additional 290,000 shares during the last quarter. Finally, Abacus Wealth Partners LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth $116,000. 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.