Incannex Healthcare (NASDAQ:IXHL) Trading 1.3% Higher – Here’s What Happened

Incannex Healthcare Inc. (NASDAQ:IXHL) traded up 1.3% on Monday . The company traded as high as $3.21 and last traded at $3.21. Approximately 107,925 shares were traded during trading, a decline of 57% from the average session volume of 250,501 shares. The stock had previously closed at $3.17.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on IXHL shares. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Alliance Global Partners initiated coverage on shares of Incannex Healthcare in a research report on Monday, June 8th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.00.

Incannex Healthcare Trading Up 1.3%

The firm has a 50-day moving average price of $3.52 and a 200-day moving average price of $5.36. The company has a market capitalization of $38.42 million, a price-to-earnings ratio of -2.07 and a beta of 6.95.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. AdvisorShares Investments LLC lifted its holdings in Incannex Healthcare by 40.8% in the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after acquiring an additional 192,449 shares during 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. Virtu Financial LLC grew its stake in shares of Incannex Healthcare by 87.3% in the 4th 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 raised its holdings in shares of 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. Finally, Jane Street Group LLC raised its holdings in shares of 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 in the last quarter. 0.43% of the stock is owned by institutional investors and hedge funds.

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.