Short Interest in GRI Bio, Inc. (NASDAQ:GRI) Expands By 155.5%

GRI Bio, Inc. (NASDAQ:GRI) saw a large increase in short interest in December. As of December 15th, there was short interest totalling 311,700 shares, an increase of 155.5% from the November 30th total of 122,000 shares. Currently, 3.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,360,000 shares, the short-interest ratio is currently 0.1 days.

Analysts Set New Price Targets

A number of research firms have commented on GRI. Ascendiant Capital Markets increased their price objective on shares of GRI Bio from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, December 5th. HC Wainwright assumed coverage on GRI Bio in a report on Monday, December 9th. They issued a “buy” rating and a $10.00 price target for the company.

GRI Bio Price Performance

GRI opened at $0.78 on Friday. The business has a fifty day moving average price of $0.81 and a 200 day moving average price of $0.96. The stock has a market capitalization of $6.94 million, a price-to-earnings ratio of -0.84 and a beta of -2.04. GRI Bio has a 12 month low of $0.30 and a 12 month high of $65.00.

Institutional Inflows and Outflows

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