Up 300% in 1 year, what’s driving the Incannex Healthcare (ASX:IHL) share price?

The Incannex Healthcare share price is up 300% in the past 12 months. Here’s a closer look at the company’s most recent announcement and share price performance.
The post Up 300% in 1 year, what’s driving the Incannex Healthcare (ASX:IHL) share price? appeared first on The Motley Fool Australia. –

Medical staff wear hero capes, indicting strong shar [price performace for healthcare shares

The Incannex Healthcare Ltd (ASX: IHL) share price, which has shot up 310% in the past 12 months, has remained relatively flat in today’s trade.

We take a look at the ASX healthcare share’s latest announcement on its accelerated drug study, along with its share price performance over the past year.

What did Incannex Healthcare report?

Incannex Healthcare shares are flat today after the company reported it has partnered with Monash Trauma Group to study the effectiveness of its proprietary drug on treating concussions.

The in vivo study, to be conducted on rats, will assess the “neuroprotective capability of IHL-216A”. IHL-216A combines cannabidiol (CBD) and isoflurane (or any other volatile anaesthetic agent).

Incannex designed its proprietary drug, intended to be given shortly after head injuries, to reduce secondary brain injuries.

Few athletes are as at risk of head injuries as grid iron players. And it’s the United States National Foot Ball League (NFL) that worked together with Incannex to create the model for traumatic brain injuries that will be used in the new study.

Commenting on the partnership study, Incannex Healthcare CEO Joel Latham said:

Undertaking this extensive and well-recognised animal model study, instead of the in-human proof of concept study, has the effect of reducing the overall development time and expense associated with our drug registration plan. Furthermore, the company will collect additional data from an animal study that it would not be able to compile in human studies. This additional data will inform the design and end points of our pivotal clinical trials.

The company previously reported positive results from its initial in vivo study on 15 December 2020. At that time the ASX healthcare company reported its IHL-216A drug combination was 35% more effective than CBD alone and 123% more effective than isoflurane administered alone in reducing the “Iba1 neuroinflammation marker”. 

Between 15 December and 16 February, the Incannex share price soared 53% to a 1 year high. 

Incannex Healthcare share price snapshot

Incannex Healthcare shares delivered very strong gains over the past 12 months, up 310% at the time of writing. The share price hit a 1 year high on 16 February of 26 cents per share and has since retraced to the current level of 21 cents per share.

Year-to-date the Incannex Healthcare share price is up 36%. By comparison, the All Ordinaries Index (ASX: XAO) is flat so far in 2021.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Up 300% in 1 year, what’s driving the Incannex Healthcare (ASX:IHL) share price? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!