Incannex Healthcare (NASDAQ:IXHL) Trading Down 11% – Here’s Why

Incannex Healthcare Inc. (NASDAQ:IXHL) shares dropped 11% on Friday . The stock traded as low as $4.4450 and last traded at $4.46. Approximately 380,021 shares were traded during mid-day trading, an increase of 35% from the average daily volume of 281,491 shares. The stock had previously closed at $5.01.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Incannex Healthcare currently has an average rating of “Sell”.

Incannex Healthcare Stock Down 15.4%

The firm has a 50 day moving average price of $0.33 and a 200 day moving average price of $0.41. The stock has a market capitalization of $1.52 billion, a PE ratio of -14.99 and a beta of 7.46.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC increased its stake in Incannex Healthcare by 88.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after buying an additional 1,044,862 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of 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 acquiring an additional 1,261,385 shares in the last quarter. Virtu Financial LLC increased its position in shares of Incannex Healthcare by 87.3% during the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock valued at $270,000 after acquiring an additional 351,232 shares during the last quarter. AdvisorShares Investments LLC lifted its holdings in Incannex Healthcare by 40.8% during the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after acquiring an additional 192,449 shares during the period. Finally, LPL Financial LLC boosted 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. 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.