Incannex Healthcare Inc. (NASDAQ:IXHL) Shares Shorted: Short Interest Down 36.3% in September

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a significant decrease in short interest in September. As of September 30th, there was short interest totaling 456,097 shares, a decrease of 36.3% from the September 15th total of 716,308 shares. Based on an average daily trading volume, of 117,516 shares, the days-to-cover ratio is currently 3.9 days. Currently, 3.7% of the company’s shares are sold short.

Incannex Healthcare Stock Up 0.7%

NASDAQ:IXHL opened at $2.88 on Friday. Incannex Healthcare has a 12 month low of $2.49 and a 12 month high of $14.91. The firm has a market cap of $36.13 million, a price-to-earnings ratio of -1.70 and a beta of 6.97. The company’s 50 day moving average is $3.32 and its 200-day moving average is $3.43.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings data on Friday, September 25th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.27). Research analysts predict that Incannex Healthcare will post -2.63 EPS for the current fiscal year.

Analysts Set New Price Targets

IXHL has been the topic of several analyst reports. Zacks Research downgraded shares of Incannex Healthcare from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday. Finally, Wall Street Zen downgraded shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $18.00.

Incannex Healthcare Company Profile

Incannex Healthcare Limited is an Australia-based clinical-stage pharmaceutical company developing therapies for conditions with significant unmet medical needs. The company’s research programs focus on cannabinoid-based medicines and psychedelic-assisted psychotherapy, with development activities spanning sleep disorders, respiratory and inflammatory diseases, pain, and mental health.

Its pipeline includes IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.