Incannex Healthcare (NASDAQ:IXHL) Shares Up 5.5% – Still a Buy?

Incannex Healthcare Inc. (NASDAQ:IXHL) rose 5.5% during trading on Monday . The stock traded as high as $2.17 and last traded at $2.11. Approximately 30,861 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 111,707 shares. The stock had previously closed at $2.00.

Incannex Healthcare Stock Performance

The company’s 50-day moving average price is $2.05 and its 200 day moving average price is $2.34. The stock has a market capitalization of $133.94 million, a PE ratio of -1.52 and a beta of 8.11.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings data on Monday, September 30th. The company reported ($0.39) EPS for the quarter. The business had revenue of $0.01 million for the quarter.

Institutional Investors Weigh In On Incannex Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new stake in shares of Incannex Healthcare during the 1st quarter valued at $1,520,000. Virtu Financial LLC bought a new position in shares of Incannex Healthcare in the 1st quarter worth about $39,000. Finally, AdvisorShares Investments LLC lifted its position in Incannex Healthcare by 57.1% during the 2nd 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 during the period. 0.43% of the stock is owned by hedge funds and other institutional investors.

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.