Incannex Healthcare (NASDAQ:IXHL) Upgraded by Wall Street Zen to Hold Rating

Incannex Healthcare (NASDAQ:IXHL) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday.

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

Incannex Healthcare Trading Down 2.5%

Shares of Incannex Healthcare stock opened at $3.90 on Friday. Incannex Healthcare has a twelve month low of $2.40 and a twelve month high of $49.80. The firm has a market capitalization of $46.53 million, a PE ratio of -0.46 and a beta of 7.55. The firm’s 50-day moving average price is $8.94 and its 200 day moving average price is $11.85.

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

Hedge Funds Weigh In On Incannex Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of IXHL. Virtu Financial LLC purchased a new stake in Incannex Healthcare during the 3rd quarter valued at about $187,000. Jane Street Group LLC raised its holdings 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 valued at $534,000 after acquiring an additional 1,261,385 shares during the last quarter. Arete Wealth Advisors LLC lifted its stake 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 worth $796,000 after purchasing an additional 1,044,862 shares in the last quarter. LPL Financial LLC boosted its holdings 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 worth $120,000 after purchasing an additional 290,000 shares during the last quarter. Finally, AdvisorShares Investments LLC boosted its holdings in shares of Incannex Healthcare by 40.8% during 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. 0.43% of the stock is currently owned by institutional investors and hedge funds.

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.