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

Incannex Healthcare (NASDAQ:IXHL) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

Separately, Weiss Ratings reaffirmed 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, the company currently has a consensus rating of “Sell”.

Incannex Healthcare Stock Performance

Shares of NASDAQ IXHL opened at $3.25 on Monday. Incannex Healthcare has a 52-week low of $2.40 and a 52-week high of $49.80. The stock has a market cap of $38.77 million, a P/E ratio of -0.39 and a beta of 7.56. The firm has a 50 day moving average price of $8.27 and a 200 day moving average price of $11.33.

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

Institutional Investors Weigh In On Incannex Healthcare

Several institutional investors have recently bought and sold shares of IXHL. Abacus Wealth Partners LLC acquired a new position in Incannex Healthcare during the 3rd quarter worth approximately $116,000. LPL Financial LLC lifted its position in shares of Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after purchasing an additional 290,000 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Incannex Healthcare in the third quarter worth $187,000. AdvisorShares Investments LLC boosted its holdings in Incannex Healthcare by 37.0% during the third 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 last quarter. Finally, Jane Street Group LLC boosted its holdings in Incannex Healthcare by 547.4% during 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 last quarter. Institutional investors own 0.43% of the company’s stock.

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.