Short Interest in Incannex Healthcare Inc. (NASDAQ:IXHL) Rises By 89.2%

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 10,160,000 shares, a growth of 89.2% from the September 30th total of 5,370,000 shares. Based on an average trading volume of 85,910,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 3.7% of the shares of the company are sold short. Currently, 3.7% of the shares of the company are sold short. Based on an average trading volume of 85,910,000 shares, the days-to-cover ratio is presently 0.1 days.

Analysts Set New Price Targets

Several brokerages recently commented on IXHL. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Wednesday, October 8th. Wall Street Zen raised Incannex Healthcare to a “hold” rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Incannex Healthcare Price Performance

Incannex Healthcare stock opened at $0.38 on Monday. The stock has a fifty day moving average price of $0.50 and a two-hundred day moving average price of $0.41. Incannex Healthcare has a 52-week low of $0.08 and a 52-week high of $3.12. The firm has a market capitalization of $131.09 million, a P/E ratio of -0.31 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL) last announced its earnings results on Monday, September 29th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $0.20 million during the quarter, compared to analyst estimates of $0.20 million.

Institutional Trading of Incannex Healthcare

An institutional investor recently raised its position in Incannex Healthcare stock. AdvisorShares Investments LLC grew its stake in shares of Incannex Healthcare Inc. (NASDAQ:IXHL) by 16.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 343,954 shares of the company’s stock after buying an additional 48,920 shares during the period. AdvisorShares Investments LLC owned approximately 1.17% of Incannex Healthcare worth $74,000 as of its most recent filing with the Securities and Exchange Commission. 0.43% of the stock is owned by hedge funds and other institutional investors.

About Incannex Healthcare

Incannex Healthcare Inc, a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.