Incannex Healthcare (NASDAQ:IXHL) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Incannex Healthcare (NASDAQ:IXHL) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

A number of other analysts have also recently weighed in on the stock. Alliance Global Partners initiated coverage on shares of Incannex Healthcare in a research note on Monday, June 8th. They issued a “buy” rating and a $18.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.00.

Incannex Healthcare Stock Performance

Shares of IXHL stock opened at $3.21 on Friday. The stock’s 50 day simple moving average is $3.31 and its 200 day simple moving average is $3.44. Incannex Healthcare has a twelve month low of $2.49 and a twelve month high of $15.00. The company has a market capitalization of $40.29 million, a price-to-earnings ratio of -1.90 and a beta of 6.97.

Incannex Healthcare (NASDAQ:IXHL) last posted its earnings results on Friday, September 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.27). On average, analysts forecast that Incannex Healthcare will post -2.63 EPS for the current fiscal year.

About Incannex Healthcare

Incannex Healthcare Limited (NASDAQ: IXHL) is a clinical-stage biotechnology company developing pharmaceutical products and therapies for conditions with significant unmet medical needs. The company’s research focuses on cannabinoid- and psychedelic-assisted treatments, with programs addressing sleep-disordered breathing, pain, inflammation, mental health and other complex disorders.

One of Incannex’s principal programs is IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.