Stocks of the Hour: Healius, Incannex & FireFinch

Healius (ASX:HLS) has reported more “difficult market conditions” in the second half of the financial year despite strong trading in the first half. In response to ongoing market volatility and the range of broker forecasts, Healius said its underlying EBIT for the year-to-date to May 2022 is in the order of $473 million, this represents an increase of more than 100 per cent on the unaudited EBIT of $234 million for the same period in FY21. Shares are trading 5.5 per cent lower at $3.93.

Incannex Healthcare (ASX:IHL) has announced positive results from its phase 2 clinical trial, investigating treatment for patients with obstructive sleep apnoea. The pharmaceutical company said the treatment (IHL-42X) improved patient reported sleep quality, and was well tolerated. Shares are trading 12 per cent higher at $0.42.

FireFinch (ASX:FFX) is on track with its demerger as Leo Lithium prepares to debut on the ASX. This comes after raising $100 million for Leo Lithium which Firefinch has a $20 million stake in. All conditions for the demerger have been approved, whereby the company will transfer Leo Lithium shares to eligible Firefinch shareholders on June 6, on the basis of one Leo Lithium share for every 1.4 FireFinch shares. Shares are trading ex the pro-rata in-specie distribution and down 62.1 per cent to $0.36 as a result.