Incannex Healthcare (NASDAQ:IXHL) Trading 1.1% Higher – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL) shares shot up 1.1% on Friday . The stock traded as high as $0.3749 and last traded at $0.3610. 6,205,588 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 11,166,855 shares. The stock had previously closed at $0.3571.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Incannex Healthcare presently has an average rating of “Sell”.

Incannex Healthcare Stock Up 1.1%

The business has a 50 day simple moving average of $0.40 and a 200-day simple moving average of $0.41. The company has a market capitalization of $124.99 million, a P/E ratio of -0.61 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.37. The company had revenue of $0.05 million during the quarter, compared to analyst estimates of $0.20 million.

Institutional Investors Weigh In On Incannex Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AdvisorShares Investments LLC boosted its stake in Incannex Healthcare by 16.6% during the 2nd quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company’s stock valued at $74,000 after purchasing an additional 48,920 shares in the last quarter. Virtu Financial LLC acquired a new position in Incannex Healthcare during the third quarter worth about $187,000. Arete Wealth Advisors LLC bought a new position in shares of Incannex Healthcare during the 3rd quarter valued at about $547,000. Finally, Abacus Wealth Partners LLC bought a new stake in Incannex Healthcare during the third quarter worth approximately $116,000. Institutional investors own 0.43% of the company’s stock.

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.