Incannex Healthcare (NASDAQ:IXHL) Stock Rating Lowered by Wall Street Zen

Incannex Healthcare (NASDAQ:IXHL) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

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

Incannex Healthcare Stock Performance

IXHL stock opened at $3.31 on Monday. Incannex Healthcare has a one year low of $2.40 and a one year high of $49.80. The stock has a market capitalization of $39.49 million, a PE ratio of -0.39 and a beta of 7.55. The company has a fifty day moving average of $7.92 and a 200-day moving average of $11.11.

Incannex Healthcare (NASDAQ:IXHL) last issued its earnings results on Friday, February 13th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02).

Institutional Investors Weigh In On Incannex Healthcare

Institutional investors and hedge funds have recently made changes to their positions in the business. AdvisorShares Investments LLC grew its stake in Incannex Healthcare by 37.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 471,278 shares of the company’s stock valued at $219,000 after acquiring an additional 127,324 shares during the last quarter. Abacus Wealth Partners LLC acquired a new position in Incannex Healthcare during the third quarter worth about $116,000. Arete Wealth Advisors LLC acquired a new position in Incannex Healthcare during the third quarter worth about $547,000. Virtu Financial LLC purchased a new stake in shares of Incannex Healthcare in the third quarter valued at about $187,000. Finally, LPL Financial LLC grew its position in shares of Incannex Healthcare by 639.1% in the fourth quarter. LPL Financial LLC now owns 335,373 shares of the company’s stock valued at $120,000 after purchasing an additional 290,000 shares during the last quarter. 0.43% of the stock is currently owned by hedge funds and other 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.