IXHL Stock Alert: 7 Things to Know as Incannex Healthcare Skyrockets Too

Today, one of the big movers in the market is Incannex Healthcare (NASDAQ:IXHL). Currently, shares of IXHL stock have surged more than 100% higher in afternoon trading. At today’s peak of $90, the stock actually roughly quadrupled over yesterday’s close.

marijuana falling out of a prescription container next to a stethoscope
Source: Shutterstock

Such a move is likely to raise eyebrows. Indeed, this Australian cannabis company is not on the radars of many investors. That said, with a $2 billion market capitalization after today’s rise, perhaps IXHL stock is on plenty of radars now.

For investors considering this producer of medicinal cannabinoid products, perhaps there’s a strong growth thesis. Recreational cannabis is one thing — and it has proven to be a difficult business. However, on the medicinal side of this industry, there may be more appetite for long-term investors to jump in. The prospect of patents and other pharma-style moats could entice investors to look at IXHL stock.

Today’s move appears to be on little news. However, for investors who have had their interest piqued, let’s dive into a few things to know about Incannex Healthcare and its shares.

What to Know About IXHL Stock

  • Incannex is a global leader in the development of various cannabinoid and psychedelic therapies.
  • The company cites a target market of more than $110 billion for its product line.
  • Currently, Incannex is not yet profitable.
  • However, the company has increased its revenue significantly year-over-year.
  • Additionally, Incannex has healthy gross margins, with some investors expecting future growth to drive positive earnings in the medium term.
  • The company has six development programs underway.
  • As more data is released on these potential therapies, it’s likely investors will continue to see volatility with IXHL stock.

On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ixhl-stock-alert-7-things-to-know-as-incannex-healthcare-skyrockets-too/.

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