Incannex Healthcare (NASDAQ:IXHL) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Incannex Healthcare (NASDAQ:IXHL) to a sell rating in a research report report published on Saturday morning.

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, According to data from MarketBeat, Incannex Healthcare presently has a consensus rating of “Sell”.

Incannex Healthcare Price Performance

Shares of NASDAQ:IXHL opened at $4.24 on Friday. Incannex Healthcare has a 1 year low of $2.40 and a 1 year high of $49.80. The company has a market cap of $50.58 million, a P/E ratio of -15.14 and a beta of 7.46. The stock’s fifty day moving average price is $9.80 and its 200-day moving average price is $12.13.

Incannex Healthcare (NASDAQ:IXHL) last released its quarterly earnings data on Friday, February 13th. The company reported ($0.60) EPS for the quarter, hitting the consensus estimate of ($0.60).

Hedge Funds Weigh In On Incannex Healthcare

Institutional investors and hedge funds have recently bought and sold shares of the stock. AdvisorShares Investments LLC raised 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 buying an additional 48,920 shares during the period. Arete Wealth Advisors LLC increased its holdings in Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock worth $796,000 after acquiring an additional 1,044,862 shares in the last quarter. Jane Street Group LLC raised its stake in Incannex Healthcare by 547.4% during the 4th 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 during the period. Virtu Financial LLC lifted its holdings in Incannex Healthcare by 87.3% during the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock valued at $270,000 after purchasing an additional 351,232 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after purchasing an additional 290,000 shares during the period. 0.43% of the stock is currently owned by hedge funds and other institutional investors.

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.