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

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 21,688,567 shares, a growth of 29.9% from the January 15th total of 16,695,670 shares. Based on an average trading volume of 7,462,617 shares, the short-interest ratio is presently 2.9 days. Currently, 6.3% of the company’s stock are sold short. Currently, 6.3% of the company’s stock are sold short. Based on an average trading volume of 7,462,617 shares, the short-interest ratio is presently 2.9 days.

Hedge Funds Weigh In On Incannex Healthcare

Several hedge funds have recently bought and sold shares of the company. Arete Wealth Advisors LLC grew its holdings in Incannex Healthcare by 88.7% in 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 during the last quarter. Jane Street Group LLC grew its stake in Incannex Healthcare by 547.4% in the 4th quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after acquiring an additional 1,261,385 shares during the last quarter. AdvisorShares Investments LLC grew its stake 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. Virtu Financial LLC acquired a new position in Incannex Healthcare during the third quarter worth about $187,000. Finally, LPL Financial LLC lifted its holdings in shares of Incannex Healthcare by 639.1% in the fourth 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. 0.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Incannex Healthcare Stock Performance

IXHL traded down $0.01 during trading on Tuesday, reaching $0.26. The company’s stock had a trading volume of 2,463,230 shares, compared to its average volume of 6,401,697. The company has a market capitalization of $90.54 million, a price-to-earnings ratio of -0.44 and a beta of 7.46. The company’s fifty day moving average price is $0.36 and its 200-day moving average price is $0.42. Incannex Healthcare has a 52-week low of $0.08 and a 52-week high of $1.82.

Incannex Healthcare (NASDAQ:IXHL) last posted its quarterly earnings results on Friday, February 13th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02).

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.