Incannex Healthcare Inc. (NASDAQ:IXHL) Short Interest Update

Incannex Healthcare Inc. (NASDAQ:IXHL) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 120,600 shares, a growth of 6.3% from the August 31st total of 113,400 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average trading volume of 29,800 shares, the days-to-cover ratio is currently 4.0 days.

Incannex Healthcare Stock Performance

Shares of Incannex Healthcare stock opened at $1.68 on Wednesday. The stock’s 50 day simple moving average is $1.87 and its 200-day simple moving average is $2.51. Incannex Healthcare has a 1-year low of $0.80 and a 1-year high of $12.68.

Hedge Funds Weigh In On Incannex Healthcare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC increased its stake in shares of Incannex Healthcare by 57.1% in the 2nd quarter. AdvisorShares Investments LLC now owns 80,002 shares of the company’s stock worth $238,000 after acquiring an additional 29,087 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Incannex Healthcare in the first quarter valued at about $39,000. Finally, Tidal Investments LLC acquired a new stake in Incannex Healthcare during the first quarter worth about $1,520,000. Institutional investors and hedge funds own 0.43% of the company’s stock.

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.