This Pharma Stock Soared 23% Today But Is Still Down Over 70% In 2025 – Find Out More
Synopsis
The company’s CEO said that the current market valuation does not accurately reflect the significant progress the firm has made across its clinical programs.
Incannex Healthcare Inc. (IXHL) announced on Friday that its board of directors has authorized a share repurchase program for up to $20 million of the company’s outstanding shares of common stock
Shares of the company were up 23% at the time of writing. On Stocktwits, retail sentiment around IXHL stock improved from ‘extremely bearish’ to ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘extremely low’ levels.
A Stocktwits user expressed hopes that the stock will trade over $1 soon.
The company said that it may repurchase shares of common stock through open market purchases, privately negotiated transactions, accelerated share repurchase arrangements, or other methods. The timing and amount of any repurchases will depend on market conditions, available capital resources, among other factors, it added.
CEO Joel Latham said that the firm believes the current market valuation does not accurately reflect the significant progress it has made across its clinical programs. “This initiative allows us to act decisively, strengthen our capital management strategy, and potentially enhance long-term value creation for shareholders,” he added.
Incannex has three clinical-stage product candidates. Its lead candidate, IHL-42X, an oral fixed-dose combination of Dronabinol and Acetazolamide, is designed for the treatment of obstructive sleep apnea. The other programs are in development for rheumatoid arthritis and generalized anxiety disorder.
In July, the company said that it is well-positioned to advance its portfolio of drug candidates through the next stages of development with a cash balance of about $50 million.
IXHL stock is down by 73% this year and by 68% over the past 12 months.
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