GRI Bio, Inc. (NASDAQ:GRI) Sees Large Drop in Short Interest

GRI Bio, Inc. (NASDAQ:GRI) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 272,800 shares, a drop of 12.5% from the December 15th total of 311,700 shares. Based on an average daily volume of 4,160,000 shares, the short-interest ratio is presently 0.1 days. Currently, 3.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GRI shares. HC Wainwright initiated coverage on GRI Bio in a research report on Monday, December 9th. They set a “buy” rating and a $10.00 price objective on the stock. Ascendiant Capital Markets boosted their target price on shares of GRI Bio from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th.

GRI Bio Trading Up 2.1 %

NASDAQ:GRI traded up $0.01 during midday trading on Friday, reaching $0.72. 95,239 shares of the company traded hands, compared to its average volume of 186,285. The company has a fifty day moving average price of $0.77 and a 200 day moving average price of $0.77. GRI Bio has a twelve month low of $0.30 and a twelve month high of $65.00.

Institutional Investors Weigh In On GRI Bio

A hedge fund recently bought a new stake in GRI Bio stock. Armistice Capital LLC acquired a new position in GRI Bio, Inc. (NASDAQ:GRI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,207 shares of the company’s stock, valued at approximately $96,000. Armistice Capital LLC owned about 9.23% of GRI Bio at the end of the most recent quarter. 33.95% of the stock is currently owned by institutional investors and hedge funds.

GRI Bio Company Profile

GRI Bio, Inc, a clinical-stage biopharmaceutical company, focuses on treating inflammatory, fibrotic, and autoimmune diseases in the United States. Its product pipeline comprises GRI-0621, which is in phase II clinical development for the treatment of idiopathic pulmonary fibrosis; GRI-0803 which is in phase I trial for the treatment of systematic lupus erythematosus; GRI-0124, which is in pre-clinical development for the treatment of primary sclerosing cholangitis; and GRI-0729 in pre-clinical development.