Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Significant Drop in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 814,576 shares, a decrease of 35.6% from the March 15th total of 1,265,156 shares. Based on an average daily trading volume, of 548,449 shares, the days-to-cover ratio is presently 1.5 days. Approximately 6.9% of the shares of the company are short sold.

Incannex Healthcare Price Performance

Shares of Incannex Healthcare stock traded down $0.01 on Tuesday, hitting $3.54. The company had a trading volume of 497,822 shares, compared to its average volume of 494,096. Incannex Healthcare has a 52 week low of $2.40 and a 52 week high of $49.80. The company has a market cap of $42.23 million, a PE ratio of -0.42 and a beta of 7.50. The business has a 50-day simple moving average of $4.91 and a 200-day simple moving average of $9.12.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen downgraded Incannex Healthcare from a “hold” rating to a “sell” rating in a research note on Monday, March 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Jane Street Group LLC grew its holdings in Incannex Healthcare by 547.4% during 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 period. Arete Wealth Advisors LLC lifted its holdings in Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after acquiring an additional 1,044,862 shares during the last quarter. Virtu Financial LLC boosted its position 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 valued at $270,000 after purchasing an additional 351,232 shares in the last quarter. LPL Financial LLC boosted its position in shares of Incannex Healthcare by 639.1% during the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after purchasing an additional 290,000 shares in the last quarter. Finally, AdvisorShares Investments LLC grew its stake in shares of Incannex Healthcare by 40.8% in the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after purchasing an additional 192,449 shares during the last quarter. Institutional investors own 0.43% of the company’s stock.

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.