GRI Bio, Inc. (NASDAQ:GRI) Sees Significant Decline in Short Interest

GRI Bio, Inc. (NASDAQ:GRI) saw a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 206,000 shares, a decline of 77.7% from the October 31st total of 924,600 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 4,380,000 shares, the short-interest ratio is presently 0.0 days.

GRI Bio Price Performance

GRI stock traded up 0.03 during trading on Wednesday, reaching 0.76. 175,200 shares of the company were exchanged, compared to its average volume of 1,397,846. The company has a market capitalization of $6.79 million, a price-to-earnings ratio of -0.29 and a beta of -2.04. GRI Bio has a twelve month low of 0.30 and a twelve month high of 106.32. The company has a 50-day moving average of 0.65 and a two-hundred day moving average of 1.53.

Hedge Funds Weigh In On GRI Bio

An institutional investor recently bought a new position in GRI Bio stock. Armistice Capital LLC purchased a new position in shares of GRI Bio, Inc. (NASDAQ:GRI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 50,207 shares of the company’s stock, valued at approximately $96,000. Armistice Capital LLC owned 9.23% of GRI Bio at the end of the most recent quarter. Institutional investors and hedge funds own 33.95% of the company’s stock.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets assumed coverage on shares of GRI Bio in a research note on Tuesday, October 8th. They issued a “buy” rating and a $12.00 price objective for the company.

About GRI Bio

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.