Incannex Healthcare (NASDAQ:IXHL) Announces Quarterly Earnings Results

Incannex Healthcare (NASDAQ:IXHL) released its earnings results on Friday. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02), Zacks reports.

Incannex Healthcare Stock Up 2.6%

Shares of NASDAQ:IXHL traded up $0.01 during trading on Friday, hitting $0.28. 2,257,005 shares of the company traded hands, compared to its average volume of 6,840,541. The business’s fifty day moving average is $0.37 and its 200-day moving average is $0.43. The stock has a market capitalization of $95.56 million, a price-to-earnings ratio of -0.47 and a beta of 7.46. Incannex Healthcare has a one year low of $0.08 and a one year high of $1.88.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its position in Incannex Healthcare by 547.4% in the fourth quarter. Jane Street Group LLC now owns 1,491,835 shares of the company’s stock worth $534,000 after buying an additional 1,261,385 shares during the period. LPL Financial LLC boosted its holdings in shares of Incannex Healthcare by 639.1% during the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after acquiring an additional 290,000 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Incannex Healthcare during the third quarter worth about $187,000. 0.43% of the stock is currently owned by institutional investors.

Incannex Healthcare Company Profile

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.