Stock for Incannex Healthcare Limited (NASDAQ: IXHL) is on a mighty roll today, delivering significant gain in the current market. As of yet, the stock trades at over 188.30% the value of its previous close, indicating a mighty growth spurt. In fact, in the last five days alone, the stock had ballooned by up to 5.6 times in price. Given that IXHL has been trading for less than two weeks, heavy swings in either direction are expected at this stage.
Successful Results for Incannex Clinical Study
Little information is known about the specific factors driving up IXHL price. This is due to the little time the stock has been floating in the secondary markets. However, a recent press release points to the high degree of effectiveness of its treatment addressing obstructive sleep apnea. The preliminary results show a high degree of efficacy in the reduction of the apnoea hypopnoea index (AHI). The study demonstrated a marked difference between the developed treatment and the placebo group. The results for the young company indicate promise and communicate to market participants that further value growth realization may yet be on the way.
IXHL Growth Potential and Pipeline of Products
The cannabinoid medical developer, based in the Australian market brings high growth potential as an up-and-coming cannabis stock. In fact, the potential pipeline of the firm is robust, with available treatments for a wide range of medical conditions. The treatments under development, along with the conditions they target are as follows:
- IHL-42X (Phase II) – Obstructive Sleep Apnea
- IHL-216A – Traumatic Brain Injury
- IHL-675A – Inflammatory Lung Conditions
Moreover, Incannex Healthcare holds strategic partnerships with significant players in the medical and healthcare domain. These include Alfred Hospital, Novotech, as well as the Monash Trauma Group. The cannabinoid and psychedelic sectors hold immense promise, as a result of which investors are rushing to include these stocks in their portfolios. The Australian market holds potential for growth and expansion, which could possibly be fueling the ballooning of IXHL.
Conclusion
IXHL, a recently floated stock is currently undergoing a sizeable ballooning in share price. The direction of this swing remains uncertain as the market settles on a position to attribute to the stock. A recent announcement of a successful treatment targeting obstructive sleep apnea brings hope to traders, towards the young company. With its robust pipeline, there may possibly be high growth realization yet to come.
