Incannex Healthcare (NASDAQ:IXHL) Releases Earnings Results, Beats Expectations By $0.39 EPS

Incannex Healthcare (NASDAQ:IXHL) announced its earnings results on Thursday. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.39, FiscalAI reports.

Incannex Healthcare Stock Down 0.5%

Shares of IXHL traded down $0.01 during trading hours on Friday, hitting $2.01. 42,789 shares of the company were exchanged, compared to its average volume of 275,946. The company has a market cap of $25.23 million, a price-to-earnings ratio of -1.19 and a beta of 7.00. Incannex Healthcare has a fifty-two week low of $1.95 and a fifty-two week high of $14.91. The firm’s fifty day moving average is $2.95 and its 200 day moving average is $3.88.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IXHL. Weiss Ratings reiterated a “sell (e+)” rating on shares of Incannex Healthcare in a research note on Thursday, October 15th. Wall Street Zen cut shares of Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Finally, Zacks Research cut shares of Incannex Healthcare from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Incannex Healthcare has an average rating of “Reduce” and a consensus target price of $18.00.

About Incannex Healthcare

Incannex Healthcare Limited (NASDAQ: IXHL) is an Australia-based clinical-stage pharmaceutical company developing cannabinoid- and psychedelic-assisted therapies for conditions with significant unmet medical needs. The company’s research programs are focused on areas including sleep disorders, pain, inflammation, mental health and traumatic brain injury. Incannex’s lead programs have included IHL-42X, an investigational combination therapy being developed for obstructive sleep apnea, and IHL-675A, a cannabinoid-based therapy studied for inflammatory conditions.