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

Incannex Healthcare Inc. (NASDAQ:IXHL) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 110,700 shares, an increase of 277.8% from the January 15th total of 29,300 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average daily volume of 55,500 shares, the short-interest ratio is presently 2.0 days.

Incannex Healthcare Price Performance

IXHL traded down $0.08 on Wednesday, reaching $1.73. 61,465 shares of the company traded hands, compared to its average volume of 89,551. Incannex Healthcare has a 52-week low of $1.50 and a 52-week high of $8.47. The company has a market cap of $30.43 million, a price-to-earnings ratio of -1.24 and a beta of 7.44. The stock’s 50 day moving average price is $1.85 and its 200-day moving average price is $1.92.

Institutional Trading of Incannex Healthcare

A hedge fund recently bought a new stake in Incannex Healthcare stock. Virtu Financial LLC acquired a new position in Incannex Healthcare Inc. (NASDAQ:IXHL) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,622 shares of the company’s stock, valued at approximately $73,000. Virtu Financial LLC owned approximately 0.21% of Incannex Healthcare at the end of the most recent quarter. 0.43% of the stock is owned by hedge funds and other institutional investors.

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.