Incannex Healthcare (NASDAQ:IXHL) Shares Up 2.4% – Here’s What Happened

Incannex Healthcare Inc. (NASDAQ:IXHL) shares were up 2.4% on Wednesday . The stock traded as high as $3.47 and last traded at $3.44. Approximately 99,552 shares were traded during mid-day trading, an increase of 9% from the average session volume of 91,511 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

IXHL has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Friday, July 17th. Finally, Alliance Global Partners began 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. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Incannex Healthcare Trading Up 2.4%

The stock has a market cap of $41.18 million, a price-to-earnings ratio of -2.22 and a beta of 6.98. The stock has a fifty day simple moving average of $3.34 and a 200-day simple moving average of $4.13.

Institutional Investors Weigh In On Incannex Healthcare

Hedge funds have recently modified their holdings of the business. AdvisorShares Investments LLC raised its stake in Incannex Healthcare by 40.8% during the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after purchasing an additional 192,449 shares during the last quarter. LPL Financial LLC grew its position 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 purchasing an additional 290,000 shares during the last quarter. Virtu Financial LLC increased its holdings in shares of Incannex Healthcare by 87.3% during the 4th quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after purchasing an additional 351,232 shares during the period. Arete Wealth Advisors LLC increased its holdings in shares of Incannex Healthcare by 88.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after purchasing an additional 1,044,862 shares during the period. Finally, Jane Street Group LLC raised 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 valued at $534,000 after buying an additional 1,261,385 shares during the last quarter. 0.43% of the stock is owned by 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.