Incannex Healthcare Inc. (NASDAQ:IXHL) Stock Short Interest Declines 36.3%

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 456,097 shares, a decline of 36.3% from the September 15th total of 716,308 shares. Based on an average trading volume of 117,516 shares, the days-to-cover ratio is currently 3.9 days. Approximately 3.7% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

IXHL has been the topic of a number of research analyst reports. Wall Street Zen lowered Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Zacks Research downgraded shares of Incannex Healthcare from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a report on Thursday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $18.00.

Incannex Healthcare Stock Performance

IXHL opened at $2.88 on Friday. Incannex Healthcare has a one year low of $2.49 and a one year high of $14.91. The stock’s fifty day moving average is $3.32 and its 200-day moving average is $3.43. The company has a market capitalization of $36.13 million, a PE ratio of -1.70 and a beta of 6.97.

Incannex Healthcare (NASDAQ:IXHL) last announced its earnings results on Friday, September 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.27). On average, equities research analysts forecast that Incannex Healthcare will post -2.63 EPS for the current fiscal year.

About Incannex Healthcare

Incannex Healthcare Limited is an Australia-based clinical-stage pharmaceutical company developing therapies for conditions with significant unmet medical needs. The company’s research programs focus on cannabinoid-based medicines and psychedelic-assisted psychotherapy, with development activities spanning sleep disorders, respiratory and inflammatory diseases, pain, and mental health.

Its pipeline includes IHL-42X, an investigational combination of dronabinol and acetazolamide being developed for obstructive sleep apnea.