AdvisorShares Investments LLC Grows Stock Position in Incannex Healthcare Inc. $IXHL

AdvisorShares Investments LLC grew its holdings in shares of Incannex Healthcare Inc. (NASDAQ:IXHL) by 40.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 663,727 shares of the company’s stock after purchasing an additional 192,449 shares during the quarter. AdvisorShares Investments LLC’s holdings in Incannex Healthcare were worth $238,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Abacus Wealth Partners LLC purchased a new stake in Incannex Healthcare in the 3rd quarter worth approximately $116,000. Virtu Financial LLC purchased a new stake in Incannex Healthcare in the 3rd quarter worth approximately $187,000. Finally, Arete Wealth Advisors LLC purchased a new stake in Incannex Healthcare in the 3rd quarter worth approximately $547,000. Hedge funds and other institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Trading Down 5.6%

Incannex Healthcare stock opened at $3.35 on Friday. The firm has a 50 day moving average of $3.58 and a 200 day moving average of $7.45. The firm has a market capitalization of $40.10 million, a price-to-earnings ratio of -2.16 and a beta of 7.22. Incannex Healthcare Inc. has a 12-month low of $2.49 and a 12-month high of $49.80.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IXHL. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

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.