Incannex Healthcare (NASDAQ:IXHL) Releases Earnings Results, Beats Expectations By $0.51 EPS

Incannex Healthcare (NASDAQ:IXHL) announced its earnings results on Thursday. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.51, FiscalAI reports.

Incannex Healthcare Price Performance

NASDAQ:IXHL traded up $0.04 during mid-day trading on Thursday, reaching $2.02. The stock had a trading volume of 103,777 shares, compared to its average volume of 80,369. The company has a market capitalization of $25.35 million, a price-to-earnings ratio of -1.19 and a beta of 7.00. Incannex Healthcare has a 1-year low of $1.96 and a 1-year high of $14.91. The stock’s 50 day simple moving average is $2.95 and its two-hundred day simple moving average is $3.88.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wall Street Zen downgraded Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, October 15th. Finally, Zacks Research downgraded Incannex Healthcare from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $18.00.

Incannex Healthcare Company Profile

Incannex Healthcare Limited (NASDAQ: IXHL) is an Australia-based clinical-stage pharmaceutical company developing cannabinoid- and psychedelic-assisted therapies for conditions with significant unmet medical needs. The company’s research programs are focused on areas including sleep disorders, pain, inflammation, mental health and traumatic brain injury. Incannex’s lead programs have included IHL-42X, an investigational combination therapy being developed for obstructive sleep apnea, and IHL-675A, a cannabinoid-based therapy studied for inflammatory conditions.