Incannex Healthcare (NASDAQ:IXHL) Shares Up 5.5% – What’s Next?

Incannex Healthcare Inc. (NASDAQ:IXHL)’s share price 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 changed 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 Price Performance

The stock has a market cap of $132.67 million, a price-to-earnings ratio of -1.50 and a beta of 8.11. The firm’s 50-day moving average is $2.07 and its 200 day moving average is $2.33.

Incannex Healthcare (NASDAQ:IXHL) last released its quarterly earnings results on Monday, September 30th. The company reported ($0.39) earnings per share for the quarter. The firm had revenue of $0.01 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC bought a new stake in shares of Incannex Healthcare during the 1st quarter worth about $1,520,000. 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 worth $238,000 after acquiring an additional 29,087 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Incannex Healthcare during the third quarter worth about $73,000. 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.