Incannex Healthcare (NASDAQ:IXHL) Stock Price Down 11% – What’s Next?

Incannex Healthcare Inc. (NASDAQ:IXHL) shares were down 11% on Friday . The stock traded as low as $4.4450 and last traded at $4.46. Approximately 380,021 shares were traded during trading, an increase of 35% from the average daily volume of 281,491 shares. The stock had previously closed at $5.01.

Analyst Ratings Changes

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

Incannex Healthcare Price Performance

The company has a fifty day moving average of $0.33 and a 200 day moving average of $0.41. The firm has a market capitalization of $1.52 billion, a P/E ratio of -14.99 and a beta of 7.46.

Incannex Healthcare (NASDAQ:IXHL) last posted its quarterly earnings data on Friday, February 13th. The company reported ($0.60) EPS for the quarter, meeting analysts’ consensus estimates of ($0.60).

Institutional Investors Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently made changes to their positions in IXHL. AdvisorShares Investments LLC increased its holdings in 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 purchasing an additional 48,920 shares in the last quarter. Abacus Wealth Partners LLC acquired a new stake in shares of Incannex Healthcare during the 3rd quarter worth approximately $116,000. LPL Financial LLC increased its stake in shares of 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 acquiring an additional 290,000 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Incannex Healthcare during the 3rd quarter valued at $187,000. Finally, Jane Street Group LLC boosted its stake in Incannex Healthcare by 547.4% during the fourth 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 in the last quarter. Institutional investors 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.