Incannex Healthcare (NASDAQ:IXHL) Issues Quarterly Earnings Results

Incannex Healthcare (NASDAQ:IXHL) announced its quarterly earnings results on Friday. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02), Zacks reports.

Incannex Healthcare Stock Up 2.6%

Shares of IXHL traded up $0.01 during trading hours on Friday, reaching $0.28. The company’s stock had a trading volume of 2,257,005 shares, compared to its average volume of 6,840,541. The company has a 50 day moving average of $0.37 and a two-hundred day moving average of $0.43. The firm has a market cap of $95.56 million, a price-to-earnings ratio of -0.47 and a beta of 7.46. Incannex Healthcare has a 1-year low of $0.08 and a 1-year high of $1.88.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, Incannex Healthcare currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its position in Incannex Healthcare by 547.4% in the 4th 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 in the last quarter. Virtu Financial LLC purchased a new position in shares of Incannex Healthcare during the 3rd quarter valued at $187,000. Finally, LPL Financial LLC increased its stake 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 acquiring an additional 290,000 shares during the last quarter. 0.43% of the stock is owned by hedge funds and other institutional investors.

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.