Incannex Healthcare (NASDAQ:IXHL) Releases Earnings Results

Incannex Healthcare (NASDAQ:IXHL) posted its earnings results on Friday, February 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports.

Incannex Healthcare Trading Up 1.8%

NASDAQ IXHL opened at $3.31 on Tuesday. Incannex Healthcare has a 1 year low of $2.40 and a 1 year high of $49.80. The company has a fifty day simple moving average of $8.10 and a 200 day simple moving average of $11.22. The company has a market cap of $39.49 million, a P/E ratio of -0.39 and a beta of 7.56.

Hedge Funds Weigh In On Incannex Healthcare

Several large investors have recently bought and sold shares of the stock. Virtu Financial LLC lifted its position in Incannex Healthcare by 87.3% in the fourth 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 raised its holdings in shares of Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after buying an additional 1,044,862 shares in the last quarter. Jane Street Group LLC boosted its stake in Incannex Healthcare by 547.4% in the 4th 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 in the last quarter. Finally, LPL Financial LLC raised its stake in Incannex Healthcare by 639.1% during the fourth 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. 0.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on IXHL shares. Wall Street Zen downgraded shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock 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.