Incannex Healthcare (NASDAQ:IXHL) Shares Up 1.3% – Here’s What Happened

Incannex Healthcare Inc. (NASDAQ:IXHL)’s stock price traded up 1.3% on Monday . The company traded as high as $3.21 and last traded at $3.21. 107,925 shares were traded during trading, a decline of 57% from the average session volume of 250,501 shares. The stock had previously closed at $3.17.

Analyst Ratings Changes

A number of equities analysts have issued reports on IXHL shares. Alliance Global Partners started coverage on shares of Incannex Healthcare in a report on Monday, June 8th. They issued a “buy” rating and a $18.00 target price on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Tuesday, April 21st. Finally, Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Incannex Healthcare currently has a consensus rating of “Hold” and an average price target of $18.00.

Incannex Healthcare Stock Up 1.3%

The firm’s 50-day moving average price is $3.52 and its 200 day moving average price is $5.36. The firm has a market cap of $38.42 million, a P/E ratio of -2.07 and a beta of 6.95.

Institutional Investors Weigh In On Incannex Healthcare

Several large investors have recently made changes to their positions in the company. Jane Street Group LLC boosted its position in shares of 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 buying an additional 1,261,385 shares during the period. Arete Wealth Advisors LLC increased its position in Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after acquiring an additional 1,044,862 shares during the period. Virtu Financial LLC acquired a new stake in Incannex Healthcare in the 3rd quarter valued at approximately $187,000. LPL Financial LLC raised its stake in Incannex Healthcare by 639.1% during the 4th 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 in the last quarter. Finally, AdvisorShares Investments LLC boosted its position in Incannex Healthcare by 40.8% during the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after acquiring an additional 192,449 shares during the period. Institutional investors and hedge funds 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.