Wall Street Zen Upgrades Incannex Healthcare (NASDAQ:IXHL) to Sell

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

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

Incannex Healthcare Price Performance

Shares of NASDAQ:IXHL opened at $4.24 on Friday. The firm has a market capitalization of $50.58 million, a PE ratio of -15.14 and a beta of 7.56. The business has a 50 day simple moving average of $9.80 and a two-hundred day simple moving average of $12.13. Incannex Healthcare has a 1 year low of $2.40 and a 1 year high of $49.80.

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

Institutional Investors Weigh In On Incannex Healthcare

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC grew its position in shares of Incannex Healthcare by 547.4% during 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. Arete Wealth Advisors LLC bought a new position in Incannex Healthcare during the 3rd quarter worth about $547,000. Virtu Financial LLC bought a new position in Incannex Healthcare during the 3rd quarter worth about $187,000. LPL Financial LLC increased its position in Incannex Healthcare by 639.1% during the 4th quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after purchasing an additional 290,000 shares during the period. Finally, Abacus Wealth Partners LLC bought a new stake in shares of Incannex Healthcare in the 3rd quarter valued at about $116,000. 0.43% of the stock is currently owned by hedge funds and other 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.