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

GRI Bio, Inc. (NASDAQ:GRI) was the target of a significant decrease in short interest during the month of February. As of February 15th, there was short interest totalling 23,800 shares, a decrease of 93.2% from the January 31st total of 348,600 shares. Based on an average daily volume of 15,500 shares, the days-to-cover ratio is currently 1.5 days.

Analyst Ratings Changes

Several research firms have recently weighed in on GRI. Ascendiant Capital Markets upped their price objective on GRI Bio from $204.00 to $221.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. HC Wainwright assumed coverage on GRI Bio in a research note on Monday, December 9th. They set a “buy” rating and a $170.00 price objective on the stock.

Hedge Funds Weigh In On GRI Bio

An institutional investor recently raised its position in GRI Bio stock. Geode Capital Management LLC lifted its position in GRI Bio, Inc. (NASDAQ:GRI) by 543.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 76,182 shares of the company’s stock after purchasing an additional 64,335 shares during the quarter. Geode Capital Management LLC owned about 0.85% of GRI Bio worth $63,000 at the end of the most recent quarter. 33.95% of the stock is currently owned by institutional investors.

GRI Bio Trading Down 6.1 %

GRI Bio stock traded down $0.49 during midday trading on Friday, reaching $7.50. The stock had a trading volume of 2,589 shares, compared to its average volume of 12,492. GRI Bio has a 12 month low of $5.13 and a 12 month high of $202.22. The company has a market capitalization of $3.94 million, a P/E ratio of -0.65 and a beta of -2.15. The company has a fifty day moving average price of $11.04 and a two-hundred day moving average price of $10.81.

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.