Incannex Healthcare Stock Sees Retail Chatter Explode 234% Over Last Week

Incannex Healthcare Inc. (IXHL) has experienced a 234% increase in retail chatter on Stocktwits over the past seven days, while message volumes have risen 193% over the past 30 days on the platform. Shares of the company drew investor attention on Wednesday morning as it declined nearly 10% at the opening bell.

Incannex is developing combination medicines for several chronic conditions, including obstructive sleep apnoea, rheumatoid arthritis, and generalised anxiety disorder. On Stocktwits, retail sentiment around IXHL stock jumped from 'bearish' to 'neutral' territory over the past 24 hours, while message volume rose from 'low' to 'normal' levels.

Last month, the company announced positive data from a mid-stage trial evaluating PSX-001 for Generalised Anxiety Disorder (GAD). The company stated that the trial results confirm statistically significant and clinically meaningful improvements across all key endpoints assessed, including the Hamilton Anxiety Rating Scale. The trial enrolled 73 adult participants diagnosed with moderate to severe Generalised Anxiety Disorder.

PSX-001, also called Psi-GAD, is a psilocybin-assisted psychotherapy treatment. Patients treated with PSX-001 in the study achieved an average 12.8-point reduction in Hamilton Anxiety Rating Scale scores from baseline, compared to a 3.6-point decrease in the placebo group.

Of patients receiving treatment, 27% achieved complete disease remission, which is five times higher than the placebo rate, the company said. Additionally, the firm is exploring strategic partnerships to accelerate development and broaden global access to PSX-001.

The company's other two clinical-stage product candidates, IHL-42X and IHL-675A, are in different stages of development. While IHL-42X has completed a mid-stage clinical trial in obstructive sleep apnoea, IHL-675A is currently in a mid-stage clinical development program for the treatment of inflammatory conditions such as Arthritis.

Incannex also authorized a $20 million share repurchase program in August. CEO Joel Latham had stated that the program reflects the company's confidence in the strength of its pipelines and the opportunities ahead.“We believe the current market valuation does not accurately reflect the significant progress we have made across our clinical programs,” he said.

A Stocktwits user, meanwhile, expressed hopes for a partnership or buyout announcement on the company's next earnings announcement.

Shares of the company slumped 71% over the past 12 months.

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