Alliance Global Partners Begins Coverage on Incannex Healthcare (NASDAQ:IXHL)

Research analysts at Alliance Global Partners initiated coverage on shares of Incannex Healthcare (NASDAQ:IXHL) in a report released on Monday. The brokerage set a “buy” rating and a $18.00 price target on the stock.

Other equities analysts have also issued research reports about the company. Wall Street Zen upgraded Incannex Healthcare from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Incannex Healthcare currently has a consensus rating of “Hold” and an average target price of $18.00.

Incannex Healthcare Price Performance

NASDAQ IXHL opened at $2.92 on Monday. Incannex Healthcare has a 1 year low of $2.49 and a 1 year high of $49.80. The company has a market capitalization of $34.95 million, a PE ratio of -1.88 and a beta of 7.01. The company has a fifty day moving average of $3.59 and a 200 day moving average of $7.15.

Institutional Investors Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC raised its position in shares of Incannex Healthcare by 40.8% during the 4th quarter. AdvisorShares Investments LLC now owns 663,727 shares of the company’s stock worth $238,000 after purchasing an additional 192,449 shares during the last quarter. Virtu Financial LLC boosted its stake in Incannex Healthcare by 87.3% during the fourth quarter. Virtu Financial LLC now owns 753,675 shares of the company’s stock worth $270,000 after buying an additional 351,232 shares during the last quarter. Arete Wealth Advisors LLC grew its holdings in shares of Incannex Healthcare by 88.7% in the fourth 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 grew its stake 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 during the period. Finally, LPL Financial LLC grew its position in Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock worth $120,000 after acquiring an additional 290,000 shares during the period. Hedge funds and other institutional investors own 0.43% of the company’s stock.

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.