Incannex Healthcare Inc. (NASDAQ:IXHL) Stock Short Interest Report for September

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 456,097 shares, a decline of 36.3% from the September 15th total of 716,308 shares. Based on an average trading volume of 117,516 shares, the short-interest ratio is currently 3.9 days. Approximately 3.7% of the company’s shares are short sold.

Incannex Healthcare Stock Down 2.1%

NASDAQ:IXHL opened at $2.82 on Friday. The company has a fifty day moving average of $3.31 and a 200 day moving average of $3.43. Incannex Healthcare has a 52 week low of $2.49 and a 52 week high of $14.91. The firm has a market capitalization of $35.39 million, a P/E ratio of -1.67 and a beta of 6.97.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings results on Friday, September 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.27). As a group, analysts anticipate that Incannex Healthcare will post -2.63 EPS for the current year.

Analysts Set New Price Targets

IXHL has been the subject of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday. Zacks Research lowered Incannex Healthcare from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen cut Incannex Healthcare from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Incannex Healthcare currently has a consensus rating of “Reduce” and an average target price of $18.00.

Incannex Healthcare Company Profile

Incannex Healthcare Limited is an Australia-based clinical-stage pharmaceutical company developing therapies for conditions with significant unmet medical needs. The company’s research programs focus on cannabinoid-based medicines and psychedelic-assisted psychotherapy, with development activities spanning sleep disorders, respiratory and inflammatory diseases, pain, and mental health.

Its pipeline includes IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.