Incannex Healthcare Limited (NASDAQ:IXHL – Get Rating) dropped 1.4% during trading on Thursday . The stock traded as low as $4.15 and last traded at $4.24. Approximately 19,295 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 195,061 shares. The stock had previously closed at $4.30.
The company has a 50 day simple moving average of $6.66.
An institutional investor recently bought a new position in Incannex Healthcare stock. UBS Group AG acquired a new stake in shares of Incannex Healthcare Limited (NASDAQ:IXHL – Get Rating) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,757 shares of the company’s stock, valued at approximately $25,000.
Incannex Healthcare Limited engages in the research, development, and sale of medicinal cannabinoid products in Australia. It offers pharmaceutical grade cannabinoid products under the Incannex brand name. The company's products include IHL-42X, which is in Phase II clinical trials for obstructive sleep apnea; IHL-216A for traumatic brain injury; and IHL-675A, a combination of hydroxychloroquine and cannabidiol for the prevention and treatment of inflammatory lung conditions, such as acute respiratory distress syndrome, chronic obstructive pulmonary disease, asthma, and bronchitis, as well as rheumatoid arthritis and inflammatory bowel diseases.
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