Incannex Healthcare (NASDAQ:IXHL) Coverage Initiated at Alliance Global Partners

Analysts at Alliance Global Partners assumed coverage on shares of Incannex Healthcare (NASDAQ:IXHL) in a research report issued on Monday. The firm set a “buy” rating and a $18.00 price target on the stock.

Several other research analysts also recently commented on IXHL. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Tuesday, April 21st. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.00.

Incannex Healthcare Price Performance

Shares of Incannex Healthcare stock opened at $2.92 on Monday. The stock’s fifty day moving average is $3.59 and its two-hundred day moving average is $7.15. The company has a market capitalization of $34.95 million, a PE ratio of -1.88 and a beta of 7.01. Incannex Healthcare has a 52 week low of $2.49 and a 52 week high of $49.80.

Institutional Trading of Incannex Healthcare

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC increased its holdings in shares of Incannex Healthcare by 87.3% in the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock valued at $270,000 after purchasing an additional 351,232 shares during the period. Arete Wealth Advisors LLC boosted its position 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 buying an additional 1,044,862 shares during the last quarter. Jane Street Group LLC boosted its position in Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after buying an additional 1,261,385 shares during the last quarter. LPL Financial LLC increased its holdings in Incannex Healthcare by 639.1% in the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after buying an additional 290,000 shares during the period. Finally, AdvisorShares Investments LLC increased its holdings in Incannex Healthcare by 40.8% in the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after buying an additional 192,449 shares during the period. Hedge funds and other institutional investors own 0.43% of the company’s stock.

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.