Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Significant Drop in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 15,236,764 shares, a decrease of 30.9% from the December 15th total of 22,052,720 shares. Based on an average daily trading volume, of 12,004,254 shares, the days-to-cover ratio is presently 1.3 days. Currently, 4.5% of the shares of the stock are short sold. Currently, 4.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 12,004,254 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IXHL. AdvisorShares Investments LLC increased its stake in shares of Incannex Healthcare by 16.6% in the second quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company’s stock worth $74,000 after acquiring an additional 48,920 shares during the last quarter. Abacus Wealth Partners LLC acquired a new position in Incannex Healthcare in the 3rd quarter worth about $116,000. Virtu Financial LLC acquired a new position in Incannex Healthcare in the 3rd quarter worth about $187,000. Finally, Arete Wealth Advisors LLC purchased a new stake in shares of Incannex Healthcare during the 3rd quarter worth about $547,000. Institutional investors own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Incannex Healthcare Stock Down 1.3%

NASDAQ:IXHL traded down $0.01 during trading hours on Monday, reaching $0.38. 7,705,033 shares of the stock were exchanged, compared to its average volume of 7,008,131. Incannex Healthcare has a 52 week low of $0.08 and a 52 week high of $2.25. The stock has a market capitalization of $130.53 million, a P/E ratio of -0.64 and a beta of 7.46. The firm has a 50 day simple moving average of $0.39 and a 200-day simple moving average of $0.46.

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

Incannex Healthcare Company Profile

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.