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

Incannex Healthcare Inc. (NASDAQ:IXHL) saw a large drop in short interest in 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. Currently, 0.6% of the shares of the stock are short sold. Based on an average daily volume of 59,200 shares, the short-interest ratio is presently 1.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in Incannex Healthcare during the 3rd quarter worth approximately $73,000. Jane Street Group LLC acquired a new stake in Incannex Healthcare in the fourth quarter valued at $100,000. Finally, AdvisorShares Investments LLC raised its position in Incannex Healthcare by 30.3% during the 4th 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 last quarter. Institutional investors and hedge funds own 0.43% of the company’s stock.

Incannex Healthcare Price Performance

Shares of NASDAQ:IXHL opened at $0.86 on Thursday. Incannex Healthcare has a one year low of $0.73 and a one year high of $3.60. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.80 and a quick ratio of 1.65. The company has a market cap of $15.38 million, a price-to-earnings ratio of -0.62 and a beta of 7.49. The firm has a 50 day simple moving average of $1.53 and a 200 day simple moving average of $1.80.

Incannex Healthcare (NASDAQ:IXHL) last issued its quarterly earnings data on Friday, February 14th. The company reported ($0.33) earnings per share for the quarter. The company had revenue of $10 billion during the quarter.

About Incannex Healthcare

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.