Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Update

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totaling 15,236,764 shares, a decline of 30.9% from the December 15th total of 22,052,720 shares. Based on an average daily volume of 12,004,254 shares, the short-interest ratio is presently 1.3 days. Approximately 4.5% of the company’s stock are short sold. Approximately 4.5% of the company’s stock are short sold. Based on an average daily volume of 12,004,254 shares, the short-interest ratio is presently 1.3 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Incannex Healthcare

Hedge funds have recently added to or reduced their stakes in the stock. Abacus Wealth Partners LLC bought a new position in shares of Incannex Healthcare during the third quarter worth about $116,000. AdvisorShares Investments LLC lifted its position in Incannex Healthcare by 16.6% in the 2nd quarter. AdvisorShares Investments LLC now owns 343,954 shares of the company’s stock valued at $74,000 after purchasing an additional 48,920 shares during the last quarter. Virtu Financial LLC bought a new position in Incannex Healthcare in the 3rd quarter worth about $187,000. Finally, Arete Wealth Advisors LLC bought a new position in Incannex Healthcare in the 3rd quarter worth about $547,000. 0.43% of the stock is currently owned by institutional investors.

Incannex Healthcare Price Performance

Shares of NASDAQ:IXHL traded down $0.01 during trading on Monday, reaching $0.38. 7,705,033 shares of the company’s stock traded hands, compared to its average volume of 7,008,131. Incannex Healthcare has a 12 month low of $0.08 and a 12 month high of $2.25. The company has a 50 day moving average of $0.39 and a 200-day moving average of $0.46.

Incannex Healthcare (NASDAQ:IXHL) last issued its earnings results on Friday, November 14th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.37. The company had revenue of $0.05 million during the quarter, compared to analyst estimates of $0.20 million.

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.