Short Interest in Incannex Healthcare Inc. (NASDAQ:IXHL) Decreases By 30.9%

Key Points

• Short interest fell 30.9% to 15,236,764 shares as of Dec. 31, representing about 4.5% of the stock and a short-interest ratio of 1.3 days.
• Shares traded near $0.38 (market cap ≈ $130.5M); the company reported a quarterly EPS loss of ($0.02) that beat the ($0.39) consensus, while revenue of $0.05M missed estimates.
• Analyst and institutional sentiment is weak: Weiss Ratings reaffirmed a “Sell (e+)”, MarketBeat shows an average "Sell" rating, and hedge funds own just ~0.43% of the stock.

Incannex Healthcare Inc. (NASDAQ:IXHL - Get Free Report) was the target of a large drop in short interest in December. As of December 31st, there was short interest totaling 15,236,764 shares, a drop of 30.9% from the December 15th total of 22,052,720 shares. Based on an average daily trading volume, of 12,004,254 shares, the short-interest ratio is presently 1.3 days. Currently, 4.5% of the company's stock are sold short. Currently, 4.5% of the company's stock are sold short. Based on an average daily trading volume, of 12,004,254 shares, the short-interest ratio is presently 1.3 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Incannex Healthcare in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of "Sell".

Incannex Healthcare Stock Performance

Shares of NASDAQ IXHL traded down $0.01 during mid-day trading on Friday, hitting $0.38. The stock had a trading volume of 7,705,033 shares, compared to its average volume of 8,373,099. The firm has a market cap of $130.53 million, a PE ratio of -0.64 and a beta of 7.46. The company has a 50 day moving average of $0.39 and a two-hundred day moving average of $0.46. Incannex Healthcare has a twelve month low of $0.08 and a twelve month high of $2.25.

Incannex Healthcare (NASDAQ:IXHL - Get Free Report) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.37. The firm had revenue of $0.05 million for the quarter, compared to analysts' expectations of $0.20 million.

Institutional Trading of Incannex Healthcare

Large investors have recently made changes to their positions in the business. AdvisorShares Investments LLC raised its holdings in shares of Incannex Healthcare by 16.6% during the second quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company's stock worth $74,000 after purchasing an additional 48,920 shares during the last quarter. Abacus Wealth Partners LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth about $116,000. Virtu Financial LLC purchased a new position in shares of Incannex Healthcare during the 3rd quarter valued at about $187,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Incannex Healthcare in the 3rd quarter valued at about $547,000. 0.43% of the stock is owned by hedge funds and other institutional investors.

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.

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