Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Up 50.1% in March

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,265,156 shares, an increase of 50.1% from the February 26th total of 842,808 shares. Approximately 10.7% of the shares of the stock are sold short. Based on an average trading volume of 960,155 shares, the short-interest ratio is presently 1.3 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IXHL. AdvisorShares Investments LLC increased its stake in Incannex Healthcare by 37.0% during the 3rd 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 valued at approximately $116,000. Arete Wealth Advisors LLC acquired a new stake in Incannex Healthcare in the third quarter valued at $547,000. Virtu Financial LLC acquired a new position in Incannex Healthcare during the 3rd quarter worth $187,000. Finally, LPL Financial LLC lifted its position in shares of Incannex Healthcare by 639.1% during the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after purchasing an additional 290,000 shares during the last quarter. 0.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on IXHL shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a research note on Monday, March 16th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Incannex Healthcare Price Performance

IXHL stock traded down $0.17 during midday trading on Friday, reaching $3.24. 678,243 shares of the company’s stock traded hands, compared to its average volume of 770,100. Incannex Healthcare has a fifty-two week low of $2.40 and a fifty-two week high of $49.80. The business has a 50-day moving average price of $6.56 and a two-hundred day moving average price of $10.33. The company has a market capitalization of $38.65 million, a P/E ratio of -0.39 and a beta of 7.55.

Incannex Healthcare (NASDAQ:IXHL) last issued its earnings results on Friday, February 13th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02).

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.