GRI Bio, Inc. (NASDAQ:GRI) Short Interest Down 12.5% in December

GRI Bio, Inc. (NASDAQ:GRI) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 272,800 shares, a drop of 12.5% from the December 15th total of 311,700 shares. Approximately 3.1% of the company’s shares are short sold. Based on an average daily volume of 4,160,000 shares, the days-to-cover ratio is currently 0.1 days.

Hedge Funds Weigh In On GRI Bio

An institutional investor recently bought a new position in GRI Bio stock. Armistice Capital LLC purchased a new stake in GRI Bio, Inc. (NASDAQ:GRI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 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 SEC filing. 33.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HC Wainwright started 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. Ascendiant Capital Markets raised their price target on shares of GRI Bio from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th.

GRI Bio Price Performance

Shares of NASDAQ GRI traded up $0.01 during mid-day trading on Friday, hitting $0.72. The company had a trading volume of 95,239 shares, compared to its average volume of 186,285. GRI Bio has a one year low of $0.30 and a one year high of $65.00. The firm has a 50-day simple moving average of $0.77 and a two-hundred day simple moving average of $0.77.

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.