Incannex Healthcare (NASDAQ:IXHL) Stock Price Down 19% – Here’s What Happened

by · The Cerbat Gem

Incannex Healthcare Inc. (NASDAQ:IXHL – Get Free Report) dropped 19% during mid-day trading on Wednesday . The company traded as low as $0.62 and last traded at $0.68. Approximately 295,024 shares traded hands during mid-day trading, an increase of 380% from the average daily volume of 61,476 shares. The stock had previously closed at $0.84.

Incannex Healthcare Stock Performance

The company has a market capitalization of $11.23 million, a price-to-earnings ratio of -0.45 and a beta of 7.54. The stock has a 50 day simple moving average of $1.11 and a 200 day simple moving average of $1.66. The company has a quick ratio of 1.65, a current ratio of 1.80 and a debt-to-equity ratio of 2.47.

Incannex Healthcare (NASDAQ:IXHL – Get Free Report) last released its quarterly earnings data on Friday, February 14th. The company reported ($0.33) earnings per share (EPS) for the quarter. The company had revenue of $10 billion during the quarter.

Hedge Funds Weigh In On Incannex Healthcare

Institutional investors have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in Incannex Healthcare in the 3rd quarter valued at about $73,000. Jane Street Group LLC acquired a new stake in shares of Incannex Healthcare in the fourth quarter valued at approximately $100,000. Finally, AdvisorShares Investments LLC raised its holdings in shares of Incannex Healthcare by 30.3% during the fourth quarter. AdvisorShares Investments LLC now owns 165,495 shares of the company’s stock valued at $351,000 after buying an additional 38,505 shares during the last quarter. Institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Company Profile

(Get Free Report)

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.

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