Incannex Healthcare (NASDAQ:IXHL) Issues Earnings Results, Meets Expectations

Incannex Healthcare (NASDAQ:IXHL) announced its quarterly earnings data on Friday. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports.

Incannex Healthcare Stock Performance

NASDAQ IXHL traded up $0.00 during trading hours on Friday, reaching $0.27. The company’s stock had a trading volume of 2,392,250 shares, compared to its average volume of 6,843,372. The stock has a market cap of $94.52 million, a PE ratio of -0.46 and a beta of 7.46. Incannex Healthcare has a fifty-two week low of $0.08 and a fifty-two week high of $1.88. The company’s 50-day moving average is $0.37 and its two-hundred day moving average is $0.43.

Institutional Trading of Incannex Healthcare

Several large investors have recently modified their holdings of the business. LPL Financial LLC lifted its stake in Incannex Healthcare by 639.1% in the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after buying an additional 290,000 shares in the last quarter. Virtu Financial LLC purchased a new position in Incannex Healthcare during the third quarter worth $187,000. Finally, Jane Street Group LLC raised its holdings in shares of 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 acquiring an additional 1,261,385 shares during the last quarter. 0.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.