Incannex Healthcare (NASDAQ:IXHL) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Incannex Healthcare (NASDAQ:IXHL) from a hold rating to a sell rating in a research report released on Monday morning.

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

Incannex Healthcare Price Performance

Shares of IXHL stock opened at $3.31 on Monday. The firm has a 50-day moving average of $8.10 and a 200-day 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. Incannex Healthcare has a one year low of $2.40 and a one year high of $49.80.

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

Hedge Funds Weigh In On Incannex Healthcare

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Abacus Wealth Partners LLC bought a new position in Incannex Healthcare during the third quarter valued at about $116,000. LPL Financial LLC increased its holdings 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 buying an additional 290,000 shares during the last quarter. Virtu Financial LLC bought a new stake in Incannex Healthcare in the third quarter worth about $187,000. AdvisorShares Investments LLC boosted its stake in Incannex Healthcare by 37.0% in the third quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock valued at $219,000 after acquiring an additional 127,324 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after acquiring an additional 1,261,385 shares during the last quarter. 0.43% of the stock is owned by hedge funds and other 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.