Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Up 97.4% in July

by · The Markets Daily

Incannex Healthcare Inc. (NASDAQ:IXHL – Get Free Report) was the recipient of a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 1,004,775 shares, a growth of 97.4% from the June 30th total of 509,079 shares. Based on an average trading volume of 275,500 shares, the days-to-cover ratio is presently 3.6 days. Currently, 8.5% of the company’s stock are sold short.

Incannex Healthcare Stock Performance

Incannex Healthcare stock traded down $0.05 during trading hours on Wednesday, hitting $2.91. 94,182 shares of the stock were exchanged, compared to its average volume of 377,420. The stock has a market capitalization of $34.83 million, a P/E ratio of -1.88 and a beta of 6.95. Incannex Healthcare has a 12 month low of $2.49 and a 12 month high of $39.60. The business’s 50-day moving average is $3.42 and its two-hundred day moving average is $5.00.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Friday, July 17th. Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Alliance Global Partners started coverage on shares of Incannex Healthcare in a report on Monday, June 8th. They set a “buy” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Read Our Latest Analysis on Incannex Healthcare

Hedge Funds Weigh In On Incannex Healthcare

Several large investors have recently made changes to their positions in the company. Arete Wealth Advisors LLC lifted its position in Incannex Healthcare by 88.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 2,223,450 shares of the company’s stock valued at $796,000 after purchasing an additional 1,044,862 shares during the period. Jane Street Group LLC increased its position in shares of Incannex Healthcare by 547.4% in the 4th quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock valued at $534,000 after buying an additional 1,261,385 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of Incannex Healthcare by 87.3% in the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after acquiring an additional 351,232 shares in the last quarter. AdvisorShares Investments LLC lifted its stake in Incannex Healthcare by 40.8% in the fourth quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock valued at $238,000 after buying an additional 192,449 shares in the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after purchasing an additional 290,000 shares in the last quarter. Institutional investors and hedge funds own 0.43% of the company’s stock.

Incannex Healthcare Company Profile

(Get Free Report)

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.

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