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

Incannex Healthcare Inc. (NASDAQ:IXHL) saw 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 short-interest ratio is presently 4.0 days. Currently, 0.9% of the shares of the stock are sold short.

Incannex Healthcare Stock Performance

Incannex Healthcare stock opened at $1.68 on Wednesday. The business has a 50 day simple moving average of $1.87 and a 200-day simple moving average of $2.51. Incannex Healthcare has a 12 month low of $0.80 and a 12 month high of $12.68.

Institutional Investors Weigh In On Incannex Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC acquired a new position in shares of Incannex Healthcare during the 4th quarter worth about $180,000. Tidal Investments LLC acquired a new position in shares of Incannex Healthcare during the first quarter valued at approximately $1,520,000. Finally, Virtu Financial LLC purchased a new position in shares of Incannex Healthcare in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 0.43% of the company’s stock.

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.