Incannex Healthcare (NASDAQ:IXHL) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Incannex Healthcare (NASDAQ:IXHL) from a sell rating to a hold rating in a research report released on Sunday morning.

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

Incannex Healthcare Stock Performance

IXHL opened at $3.90 on Friday. The stock has a fifty day moving average of $8.94 and a 200-day moving average of $11.85. The company has a market capitalization of $46.53 million, a P/E ratio of -0.46 and a beta of 7.56. Incannex Healthcare has a fifty-two week low of $2.40 and a fifty-two week high of $49.80.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Abacus Wealth Partners LLC bought a new stake in Incannex Healthcare during the third quarter worth about $116,000. 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 valued at $120,000 after buying an additional 290,000 shares during the period. Virtu Financial LLC acquired a new position in shares of Incannex Healthcare in the 3rd quarter valued at approximately $187,000. AdvisorShares Investments LLC raised its position in shares of Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock valued at $219,000 after buying an additional 127,324 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Incannex Healthcare by 547.4% during the 4th quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock worth $534,000 after acquiring an additional 1,261,385 shares during the period. Institutional investors and hedge funds own 0.43% of the company’s stock.

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.