Short Interest in GRI Bio, Inc. (NASDAQ:GRI) Decreases By 29.2%

GRI Bio, Inc. (NASDAQ:GRI) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 19,400 shares, a drop of 29.2% from the February 28th total of 27,400 shares. Based on an average trading volume of 14,400 shares, the days-to-cover ratio is presently 1.3 days. Currently, 3.7% of the shares of the stock are short sold.

Institutional Trading of GRI Bio

An institutional investor recently raised its position in GRI Bio stock. Geode Capital Management LLC grew its stake in shares of GRI Bio, Inc. (NASDAQ:GRI) by 543.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,182 shares of the company’s stock after purchasing an additional 64,335 shares during the period. Geode Capital Management LLC owned approximately 0.85% of GRI Bio worth $63,000 as of its most recent SEC filing. Institutional investors and hedge funds own 33.95% of the company’s stock.

GRI Bio Price Performance

GRI traded down $0.76 during midday trading on Tuesday, reaching $2.44. 10,826,332 shares of the company’s stock traded hands, compared to its average volume of 187,525. GRI Bio has a 52 week low of $2.44 and a 52 week high of $165.73. The firm has a fifty day moving average of $8.08 and a two-hundred day moving average of $10.50. The stock has a market capitalization of $1.28 million, a price-to-earnings ratio of -0.21 and a beta of -2.10.

Analysts Set New Price Targets

GRI has been the subject of a number of research reports. HC Wainwright initiated coverage on shares of GRI Bio in a research note on Monday, December 9th. They issued a “buy” rating and a $170.00 price objective for the company. Ascendiant Capital Markets upped their price target on shares of GRI Bio from $204.00 to $221.00 and gave the company a “buy” rating in a research 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.