Incannex Healthcare (NASDAQ:IXHL) Stock Price Up 2.8% - Here's Why

Incannex Healthcare Inc. (NASDAQ:IXHL - Get Free Report)'s share price rose 2.8% during mid-day trading on Tuesday . The stock traded as high as $4.80 and last traded at $4.75. Approximately 254,209 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 490,756 shares. The stock had previously closed at $4.62.

Wall Street Analyst Weigh In

IXHL has been the subject of several analyst reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Incannex Healthcare in a report on Tuesday, April 21st. Wall Street Zen lowered shares of Incannex Healthcare from a "hold" rating to a "sell" rating in a report on Monday, March 16th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Sell".

Incannex Healthcare Stock Performance

The business's fifty day simple moving average is $3.81 and its 200-day simple moving average is $8.29. The firm has a market capitalization of $56.67 million, a PE ratio of -0.56 and a beta of 7.22.

Incannex Healthcare (NASDAQ:IXHL - Get Free Report) last announced its quarterly earnings data on Friday, February 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.02). Sell-side analysts expect that Incannex Healthcare Inc. will post -2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Incannex Healthcare

Several large investors have recently bought and sold shares of the business. Virtu Financial LLC increased 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 last quarter. Arete Wealth Advisors LLC increased its position in Incannex Healthcare by 88.7% in the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company's stock worth $796,000 after purchasing an additional 1,044,862 shares during the last quarter. Jane Street Group LLC increased its position 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 worth $534,000 after purchasing an additional 1,261,385 shares during the last quarter. LPL Financial LLC lifted its position in Incannex Healthcare by 639.1% in 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. Finally, AdvisorShares Investments LLC lifted its position in 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 buying an additional 192,449 shares during the last quarter. Institutional investors own 0.43% of the company's stock.

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.

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