Short Interest in GRI Bio, Inc. (NASDAQ:GRI) Decreases By 93.2%

GRI Bio, Inc. (NASDAQ:GRI) was the recipient 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 trading volume, of 15,500 shares, the days-to-cover ratio is currently 1.5 days.

GRI Bio Price Performance

NASDAQ:GRI traded down $0.07 during midday trading on Friday, reaching $7.92. The stock had a trading volume of 3,899 shares, compared to its average volume of 12,542. The stock has a market capitalization of $4.16 million, a P/E ratio of -0.69 and a beta of -2.15. GRI Bio has a 1-year low of $5.13 and a 1-year high of $202.22. The firm’s fifty day simple moving average is $10.95 and its 200-day simple moving average is $10.81.

Institutional Investors Weigh In On GRI Bio

An institutional investor recently raised its position in GRI Bio stock. Geode Capital Management LLC raised its holdings in GRI Bio, Inc. (NASDAQ:GRI) by 543.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 76,182 shares of the company’s stock after buying an additional 64,335 shares during the quarter. Geode Capital Management LLC owned 0.85% of GRI Bio worth $63,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 33.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GRI shares. HC Wainwright began coverage on GRI Bio in a research note on Monday, December 9th. They set a “buy” rating and a $170.00 price target for the company. Ascendiant Capital Markets boosted their target price on GRI Bio from $204.00 to $221.00 and gave the stock a “buy” rating in a report on Thursday, December 5th.

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.