Incannex Healthcare (NASDAQ:IXHL) Trading Up 17.8% – Should You Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL) shares were up 17.8% during mid-day trading on Thursday . The stock traded as high as $0.4142 and last traded at $0.4035. Approximately 115,786,432 shares were traded during trading, an increase of 389% from the average daily volume of 23,676,546 shares. The stock had previously closed at $0.3426.

Analyst Ratings Changes

Several equities research analysts have issued reports on IXHL shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Wednesday, October 8th. Wall Street Zen upgraded Incannex Healthcare to a “hold” rating in a report on Friday, July 18th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Incannex Healthcare Trading Up 17.8%

The stock has a 50-day moving average of $0.50 and a 200-day moving average of $0.42. The firm has a market cap of $140.30 million, a price-to-earnings ratio of -0.33 and a beta of 7.50.

Incannex Healthcare (NASDAQ:IXHL) last posted its earnings results on Monday, September 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.20 million.

Institutional Trading of Incannex Healthcare

A hedge fund recently raised its stake in Incannex Healthcare stock. AdvisorShares Investments LLC lifted its stake in shares of Incannex Healthcare Inc. (NASDAQ:IXHL) by 16.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 343,954 shares of the company’s stock after purchasing an additional 48,920 shares during the period. AdvisorShares Investments LLC owned approximately 1.17% of Incannex Healthcare worth $74,000 at the end of the most recent quarter. 0.43% of the stock is currently owned by institutional investors and hedge funds.

About Incannex Healthcare

Incannex Healthcare Inc, a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.