Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Update

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a large decline in short interest in the month of February. As of February 27th, there was short interest totaling 842,808 shares, a decline of 96.1% from the February 12th total of 21,804,730 shares. Approximately 7.2% of the company’s shares are short sold. Based on an average daily volume of 362,560 shares, the days-to-cover ratio is presently 2.3 days. Based on an average daily volume of 362,560 shares, the days-to-cover ratio is presently 2.3 days. Approximately 7.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.

Hedge Funds Weigh In On Incannex Healthcare

Hedge funds have recently modified their holdings of the company. Abacus Wealth Partners LLC bought a new stake in shares of Incannex Healthcare during the 3rd quarter valued at $116,000. LPL Financial LLC boosted its holdings 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 buying an additional 290,000 shares during the period. Virtu Financial LLC purchased a new stake in Incannex Healthcare in the 3rd quarter worth $187,000. AdvisorShares Investments LLC increased its stake in Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after buying an additional 127,324 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new stake in Incannex Healthcare during the third quarter valued at about $547,000. 0.43% of the stock is currently owned by institutional investors.

Incannex Healthcare Trading Up 18.4%

IXHL stock traded up $0.78 during midday trading on Tuesday, hitting $5.01. The company’s stock had a trading volume of 895,114 shares, compared to its average volume of 353,775. The firm’s 50-day moving average is $8.69 and its 200-day moving average is $11.69. Incannex Healthcare has a 12 month low of $2.40 and a 12 month high of $49.80. The company has a market cap of $59.77 million, a PE ratio of -0.60 and a beta of 7.55.

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

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.