Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Update

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 1,004,775 shares, an increase of 97.4% from the June 30th total of 509,079 shares. Based on an average daily trading volume, of 275,500 shares, the short-interest ratio is presently 3.6 days. Currently, 8.5% of the company’s shares are sold short.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Alliance Global Partners started coverage on shares of Incannex Healthcare in a research note on Monday, June 8th. They set a “buy” rating and a $18.00 price target for the company. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.00.

Incannex Healthcare Trading Up 0.3%

IXHL stock traded up $0.01 during trading on Friday, hitting $2.94. The company had a trading volume of 70,913 shares, compared to its average volume of 373,161. The stock has a market cap of $35.19 million, a PE ratio of -1.90 and a beta of 6.95. The business has a 50-day moving average of $3.39 and a 200-day moving average of $4.87. Incannex Healthcare has a one year low of $2.49 and a one year high of $27.69.

Institutional Investors Weigh In On Incannex Healthcare

Several large investors have recently modified their holdings of IXHL. Jane Street Group LLC raised 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 buying an additional 1,261,385 shares during the last quarter. Arete Wealth Advisors LLC boosted its position in Incannex Healthcare by 88.7% during the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after acquiring an additional 1,044,862 shares during the last quarter. Virtu Financial LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth about $187,000. LPL Financial LLC grew its holdings in Incannex Healthcare by 639.1% during the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after acquiring an additional 290,000 shares during the period. Finally, AdvisorShares Investments LLC raised its position in shares of Incannex Healthcare by 40.8% in the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after acquiring an additional 192,449 shares in the last quarter. 0.43% of the stock is currently owned by institutional investors and hedge funds.

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.