Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Down 30.9% in December

by · The Cerbat Gem

Incannex Healthcare Inc. (NASDAQ:IXHL – Get Free Report) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totaling 15,236,764 shares, a decline of 30.9% from the December 15th total of 22,052,720 shares. Based on an average trading volume of 12,004,254 shares, the days-to-cover ratio is currently 1.3 days. Approximately 4.5% of the shares of the company are short sold. Approximately 4.5% of the shares of the company are short sold. Based on an average trading volume of 12,004,254 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Check Out Our Latest Stock Analysis on Incannex Healthcare

Institutional Trading of Incannex Healthcare

Institutional investors have recently modified their holdings of the stock. AdvisorShares Investments LLC increased its stake 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 in the last quarter. Abacus Wealth Partners LLC purchased a new position in Incannex Healthcare in the 3rd quarter valued at about $116,000. Virtu Financial LLC acquired a new stake in Incannex Healthcare in the 3rd quarter worth about $187,000. Finally, Arete Wealth Advisors LLC purchased a new stake in Incannex Healthcare during the 3rd quarter worth approximately $547,000. Institutional investors and hedge funds own 0.43% of the company’s stock.

Incannex Healthcare Price Performance

IXHL stock traded down $0.01 during mid-day trading on Friday, reaching $0.38. 7,705,033 shares of the company’s stock were exchanged, compared to its average volume of 8,373,099. Incannex Healthcare has a 12-month low of $0.08 and a 12-month high of $2.25. The stock’s 50 day moving average is $0.39 and its 200 day moving average is $0.46. The company has a market cap of $130.53 million, a price-to-earnings ratio of -0.64 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL – Get Free Report) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.37. The business had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.20 million.

About Incannex Healthcare

(Get Free Report)

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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