Incannex Healthcare (NASDAQ:IXHL) Stock Price Up 1.1% – Time to Buy?

Shares of Incannex Healthcare Inc. (NASDAQ:IXHL) shot up 1.1% on Friday . The stock traded as high as $0.3749 and last traded at $0.3610. 6,205,588 shares changed hands during trading, a decline of 44% from the average session volume of 11,166,855 shares. The stock had previously closed at $0.3571.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Incannex Healthcare has an average rating of “Sell”.

Incannex Healthcare Stock Up 1.1%

The company has a market cap of $124.99 million, a price-to-earnings ratio of -0.61 and a beta of 7.46. The stock’s 50-day simple moving average is $0.40 and its 200 day simple moving average is $0.41.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.37. The business had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.20 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. AdvisorShares Investments LLC grew its holdings in 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 acquiring an additional 48,920 shares during the period. Virtu Financial LLC purchased a new stake in Incannex Healthcare in the 3rd quarter worth approximately $187,000. Arete Wealth Advisors LLC acquired a new position in shares of Incannex Healthcare during the 3rd quarter valued at about $547,000. Finally, Abacus Wealth Partners LLC acquired a new stake in shares of Incannex Healthcare during the 3rd quarter worth $116,000. 0.43% of the stock is owned by hedge funds and other institutional investors.

Incannex Healthcare Company Profile

Incannex Healthcare Inc, a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.