Incannex Healthcare (NASDAQ:IXHL) Stock Price Up 1.3% – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL) was up 1.3% during trading on Monday . The company traded as high as $3.21 and last traded at $3.21. 107,925 shares traded hands during trading, a decline of 57% from the average daily volume of 250,501 shares. The stock had previously closed at $3.17.

Wall Street Analysts Forecast Growth

IXHL has been the subject of a number of analyst reports. Wall Street Zen raised shares of Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Friday. Finally, Alliance Global Partners initiated coverage on shares of Incannex Healthcare in a report on Monday, June 8th. They issued a “buy” rating and a $18.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Incannex Healthcare presently has an average rating of “Hold” and an average price target of $18.00.

Incannex Healthcare Stock Performance

The company has a market capitalization of $37.33 million, a P/E ratio of -2.01 and a beta of 6.95. The business’s fifty day simple moving average is $3.50 and its 200-day simple moving average is $5.30.

Hedge Funds Weigh In On Incannex Healthcare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IXHL. Virtu Financial LLC bought a new stake in Incannex Healthcare in the 3rd quarter worth approximately $187,000. AdvisorShares Investments LLC grew its holdings in shares of Incannex Healthcare by 40.8% in the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after purchasing an additional 192,449 shares in the last quarter. LPL Financial LLC increased its position in 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 purchasing an additional 290,000 shares during the last quarter. Jane Street Group LLC raised its stake in Incannex Healthcare by 547.4% during the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after purchasing an additional 1,261,385 shares in the last quarter. Finally, Arete Wealth Advisors LLC raised its stake in Incannex Healthcare by 88.7% during the fourth quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after purchasing an additional 1,044,862 shares in the last quarter. 0.43% of the stock is 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.