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

Incannex Healthcare (NASDAQ:IXHL) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday.

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

Incannex Healthcare Price Performance

Shares of NASDAQ IXHL opened at $3.90 on Friday. The stock has a market capitalization of $46.53 million, a price-to-earnings ratio of -0.46 and a beta of 7.55. Incannex Healthcare has a 12 month low of $2.40 and a 12 month high of $49.80. The firm’s 50 day simple moving average is $8.94 and its 200-day simple moving average is $11.85.

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

Institutional Trading of Incannex Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AdvisorShares Investments LLC raised its stake in shares of Incannex Healthcare by 37.0% during the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after buying an additional 127,324 shares during the period. Abacus Wealth Partners LLC acquired a new stake in Incannex Healthcare in the 3rd quarter valued at $116,000. LPL Financial LLC increased its holdings in Incannex Healthcare by 639.1% in 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 in the last quarter. Virtu Financial LLC raised its position in Incannex Healthcare by 87.3% during the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after acquiring an additional 351,232 shares during the period. Finally, Arete Wealth Advisors LLC raised its position in Incannex Healthcare by 88.7% during the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after acquiring an additional 1,044,862 shares during the period. 0.43% of the stock is currently owned by hedge funds and other institutional investors.

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.