Ascendiant Capital Markets Initiates Coverage on GRI Bio (NASDAQ:GRI)

Ascendiant Capital Markets began coverage on shares of GRI Bio (NASDAQ:GRI) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $12.00 target price on the stock.

GRI Bio Stock Performance

GRI Bio stock opened at 0.40 on Tuesday. GRI Bio has a 12 month low of 0.30 and a 12 month high of 154.70. The stock’s 50-day moving average is 0.47 and its 200-day moving average is 2.99.

GRI Bio (NASDAQ:GRI) last posted its earnings results on Tuesday, August 13th. The company reported -4.92 earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On GRI Bio

A hedge fund recently bought a new stake in GRI Bio stock. Armistice Capital LLC bought a new stake in shares of GRI Bio, Inc. (NASDAQ:GRI) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 50,207 shares of the company’s stock, valued at approximately $96,000. Armistice Capital LLC owned 9.23% of GRI Bio as of its most recent filing with the SEC. Institutional investors and hedge funds own 33.95% of the company’s stock.

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.