Incannex Healthcare (NASDAQ:IXHL) Trading 5.8% Higher – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL)’s share price traded up 5.8% on Monday . The stock traded as high as $3.79 and last traded at $3.62. Approximately 413,017 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 306,335 shares. The stock had previously closed at $3.42.

Analysts Set New Price Targets

IXHL has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Tuesday, April 21st. Finally, Alliance Global Partners initiated coverage on Incannex Healthcare in a report on Monday, June 8th. They issued a “buy” rating and a $18.00 target price for the company. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incannex Healthcare currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Incannex Healthcare Price Performance

The firm’s fifty day moving average is $3.73 and its 200 day moving average is $6.27. The firm has a market capitalization of $43.33 million, a price-to-earnings ratio of -2.34 and a beta of 7.01.

Hedge Funds Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently modified their holdings of the stock. AdvisorShares Investments LLC increased its stake in shares of Incannex Healthcare by 40.8% in the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after acquiring an additional 192,449 shares during the last quarter. Arete Wealth Advisors LLC purchased a new position in Incannex Healthcare in the third quarter valued at about $547,000. Virtu Financial LLC grew its stake in Incannex Healthcare by 87.3% in the fourth 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. Jane Street Group LLC increased its position 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 worth $534,000 after purchasing an additional 1,261,385 shares during the last quarter. Finally, LPL Financial LLC increased 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. 0.43% of the stock is currently 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.