Incannex Healthcare (NASDAQ:IXHL) Stock Rating Upgraded by Wall Street Zen

Incannex Healthcare (NASDAQ:IXHL) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

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

Incannex Healthcare Price Performance

Shares of NASDAQ IXHL opened at $4.23 on Friday. The stock has a market capitalization of $50.46 million, a P/E ratio of -0.50 and a beta of 7.56. Incannex Healthcare has a one year low of $2.40 and a one year high of $49.80. The firm’s 50 day simple moving average is $8.81 and its two-hundred day simple moving average is $11.78.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings data on Friday, February 13th. The company reported ($0.60) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.60).

Institutional Investors Weigh In On Incannex Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AdvisorShares Investments LLC lifted its holdings in Incannex Healthcare by 37.0% in the third quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock worth $219,000 after buying an additional 127,324 shares during the period. Abacus Wealth Partners LLC purchased a new position in shares of Incannex Healthcare during the 3rd quarter worth approximately $116,000. LPL Financial LLC grew its holdings in shares of 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. Virtu Financial LLC raised its position in shares of Incannex Healthcare by 87.3% in the 4th quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after acquiring an additional 351,232 shares in the last quarter. Finally, Arete Wealth Advisors LLC raised its position in shares of 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. 0.43% of the stock is currently owned by 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.