Incannex Healthcare (NASDAQ:IXHL) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Incannex Healthcare (NASDAQ:IXHL) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday,Zacks reports.

A number of other equities analysts also recently commented on the stock. Alliance Global Partners initiated coverage on shares of Incannex Healthcare in a report on Monday, June 8th. They issued a “buy” rating and a $18.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $18.00.

Incannex Healthcare Trading Up 0.6%

Shares of IXHL opened at $3.20 on Tuesday. The firm has a market cap of $40.16 million, a price-to-earnings ratio of -1.89 and a beta of 6.97. The stock has a 50 day moving average of $3.33 and a 200-day moving average of $3.44. Incannex Healthcare has a 52 week low of $2.49 and a 52 week high of $14.91.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings results on Friday, September 25th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.27). On average, sell-side analysts predict that Incannex Healthcare will post -2.63 earnings per share for the current fiscal year.

About Incannex Healthcare

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.