Incannex Healthcare (NASDAQ:IXHL) Announces Quarterly Earnings Results

Incannex Healthcare (NASDAQ:IXHL) posted its earnings results on Thursday. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.51, FiscalAI reports.

Incannex Healthcare Trading Up 2.3%

IXHL traded up $0.04 during trading on Thursday, hitting $2.02. The stock had a trading volume of 103,777 shares, compared to its average volume of 80,369. The firm has a market cap of $25.35 million, a PE ratio of -1.19 and a beta of 7.00. Incannex Healthcare has a 12 month low of $1.96 and a 12 month high of $14.91. The company has a 50 day simple moving average of $2.95 and a 200-day simple moving average of $3.88.

Analyst Ratings Changes

A number of research analysts have recently commented on IXHL shares. Zacks Research lowered Incannex Healthcare from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. Wall Street Zen lowered Incannex Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Incannex Healthcare in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target 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.