Incannex Healthcare Inc. (NASDAQ:IXHL) Sees Significant Decrease in Short Interest

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 77,300 shares, a drop of 13.6% from the February 13th total of 89,500 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 59,200 shares, the short-interest ratio is currently 1.3 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in Incannex Healthcare during the third quarter worth about $73,000. AdvisorShares Investments LLC lifted its stake in Incannex Healthcare by 30.3% during the fourth quarter. AdvisorShares Investments LLC now owns 165,495 shares of the company’s stock worth $351,000 after purchasing an additional 38,505 shares during the period. Finally, Jane Street Group LLC bought a new position in Incannex Healthcare during the fourth quarter worth about $100,000. Institutional investors own 0.43% of the company’s stock.

Incannex Healthcare Stock Down 2.1 %

NASDAQ IXHL opened at $0.84 on Friday. The company has a debt-to-equity ratio of 2.47, a quick ratio of 1.65 and a current ratio of 1.80. The firm has a 50-day simple moving average of $1.51 and a 200 day simple moving average of $1.80. Incannex Healthcare has a twelve month low of $0.73 and a twelve month high of $3.60. The stock has a market cap of $15.06 million, a PE ratio of -0.61 and a beta of 7.49.

Incannex Healthcare (NASDAQ:IXHL) last announced its quarterly earnings results on Friday, February 14th. The company reported ($0.33) EPS for the quarter. The business had revenue of $10 billion for the quarter.

Incannex Healthcare Company Profile

Incannex Healthcare Inc, a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.