Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Large Decrease in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the recipient of a significant drop in short interest in February. As of February 27th, there was short interest totaling 842,808 shares, a drop of 96.1% from the February 12th total of 21,804,730 shares. Based on an average daily volume of 362,560 shares, the days-to-cover ratio is currently 2.3 days. Approximately 7.2% of the shares of the stock are sold short. Approximately 7.2% of the shares of the stock are sold short. Based on an average daily volume of 362,560 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Trading of Incannex Healthcare

A number of large investors have recently added to or reduced their stakes in IXHL. AdvisorShares Investments LLC raised its holdings in shares of Incannex Healthcare by 37.0% during the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after acquiring an additional 127,324 shares in the last quarter. Abacus Wealth Partners LLC purchased a new position in shares of Incannex Healthcare in the third quarter valued at $116,000. LPL Financial LLC increased its position in Incannex Healthcare by 639.1% in the fourth 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. Virtu Financial LLC increased its position in Incannex Healthcare by 87.3% in the fourth 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. Finally, Arete Wealth Advisors LLC raised its stake in Incannex Healthcare by 88.7% during the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after purchasing an additional 1,044,862 shares in the last quarter. Institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Stock Performance

Shares of IXHL traded up $0.78 during midday trading on Tuesday, hitting $5.01. 895,114 shares of the company traded hands, compared to its average volume of 353,775. The stock has a market cap of $59.77 million, a price-to-earnings ratio of -0.60 and a beta of 7.55. The firm has a 50 day moving average of $8.69 and a 200-day moving average of $11.69. Incannex Healthcare has a 52 week low of $2.40 and a 52 week high of $49.80.

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

Analyst Ratings Changes

A number of research analysts recently commented on IXHL shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Sunday. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

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.