Incannex Healthcare (NASDAQ:IXHL) Releases Earnings Results, Meets Expectations

Incannex Healthcare (NASDAQ:IXHL) posted its quarterly earnings data on Friday. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02), Zacks reports.

Incannex Healthcare Trading Up 0.0%

Shares of NASDAQ IXHL opened at $0.27 on Friday. The stock has a market cap of $93.17 million, a P/E ratio of -0.46 and a beta of 7.46. The business’s fifty day simple moving average is $0.36 and its 200-day simple moving average is $0.42. Incannex Healthcare has a 12-month low of $0.08 and a 12-month high of $1.88.

Hedge Funds Weigh In On Incannex Healthcare

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. LPL Financial LLC increased its stake in shares of Incannex Healthcare by 639.1% during the fourth 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. Virtu Financial LLC purchased a new stake in shares of Incannex Healthcare in the 3rd quarter valued at approximately $187,000. Jane Street Group LLC raised its holdings in shares of 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 purchasing an additional 1,261,385 shares in the last quarter. Finally, Arete Wealth Advisors LLC lifted its position in shares of Incannex Healthcare by 88.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after purchasing an additional 1,044,862 shares during the last quarter. 0.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.