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

Incannex Healthcare Inc. (NASDAQ:IXHL) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 120,600 shares, an increase of 6.3% from the August 31st total of 113,400 shares. Based on an average daily volume of 29,800 shares, the days-to-cover ratio is presently 4.0 days. Currently, 0.9% of the company’s stock are short sold.

Institutional Trading of Incannex Healthcare

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new position in Incannex Healthcare during the first quarter valued at approximately $39,000. AdvisorShares Investments LLC raised its position in Incannex Healthcare by 57.1% during the second quarter. AdvisorShares Investments LLC now owns 80,002 shares of the company’s stock valued at $238,000 after acquiring an additional 29,087 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in Incannex Healthcare during the first quarter valued at approximately $1,520,000. 0.43% of the stock is currently owned by institutional investors and hedge funds.

Incannex Healthcare Stock Performance

Shares of IXHL stock traded down $0.03 during trading on Monday, hitting $1.99. 2,877 shares of the company were exchanged, compared to its average volume of 124,875. The business’s 50-day simple moving average is $1.88 and its 200 day simple moving average is $2.53. Incannex Healthcare has a twelve month low of $0.80 and a twelve month high of $12.68.

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.