Incannex Healthcare shares rise more than 30% on $20M share repurchase program

Incannex Healthcare has initiated a share repurchase program, authorizing the purchase of up to $20 million in outstanding common stock.

The repurchase will occur through open market transactions, with details on timing and quantity based on market conditions and financial resources.

Following the announcement, Incannex Healthcare's shares experienced a significant increase, rising over 30% in premarket trading.

Recommendation Rating: Strong Buy

Incannex Healthcare (NASDAQ: IXHL) announced on Friday that its board has given the green light for a share repurchase initiative, allowing the company to buy back up to $20 million in outstanding common stock.

The share repurchase will be conducted through open market transactions, and the specifics regarding timing and quantity will be determined by prevailing market conditions, available financial resources, and various other considerations.

In response to this news, shares of Incannex Healthcare surged over 30% during premarket trading.