Incannex Healthcare (NASDAQ:IXHL) Shares Up 2.4% – What’s Next?

Shares of Incannex Healthcare Inc. (NASDAQ:IXHL) were up 2.4% on Wednesday . The stock traded as high as $3.47 and last traded at $3.44. Approximately 99,552 shares traded hands during trading, an increase of 9% from the average session volume of 91,511 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

Several analysts have recently weighed in on IXHL shares. Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a report on Friday, July 17th. Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Alliance Global Partners started coverage on Incannex Healthcare in a report on Monday, June 8th. They set a “buy” rating and a $18.00 price objective for the company. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.00.

Incannex Healthcare Trading Down 1.4%

The firm’s 50 day simple moving average is $3.34 and its 200-day simple moving average is $4.09. The stock has a market capitalization of $42.73 million, a price-to-earnings ratio of -2.30 and a beta of 6.98.

Hedge Funds Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC raised its holdings in Incannex Healthcare by 40.8% in the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after buying an additional 192,449 shares during the last quarter. Virtu Financial LLC raised its position in Incannex Healthcare by 87.3% during the 4th quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after purchasing an additional 351,232 shares during the last quarter. Arete Wealth Advisors LLC lifted its stake in shares of Incannex Healthcare by 88.7% in the fourth 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 during the period. Jane Street Group LLC lifted its stake in Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after buying an additional 1,261,385 shares during the period. Finally, LPL Financial LLC grew its position 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 buying an additional 290,000 shares during the period. Institutional investors own 0.43% of the company’s stock.

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.