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

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

GRI Bio Stock Performance

Shares of NASDAQ:GRI traded down $0.21 during midday trading on Thursday, reaching $7.99. 11,544 shares of the company’s stock traded hands, compared to its average volume of 12,771. The company has a market cap of $4.19 million, a P/E ratio of -0.69 and a beta of -2.15. The company has a fifty day simple moving average of $11.14 and a two-hundred day simple moving average of $10.83. GRI Bio has a 1 year low of $5.13 and a 1 year high of $202.22.

Institutional Trading of GRI Bio

A hedge fund recently raised its stake in GRI Bio stock. Geode Capital Management LLC raised its position in shares of GRI Bio, Inc. (NASDAQ:GRI) by 543.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,182 shares of the company’s stock after acquiring an additional 64,335 shares during the quarter. Geode Capital Management LLC owned approximately 0.85% of GRI Bio worth $63,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 33.95% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GRI shares. Ascendiant Capital Markets raised their price objective on shares of GRI Bio from $204.00 to $221.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. HC Wainwright began coverage on shares of GRI Bio in a research report on Monday, December 9th. They issued a “buy” rating and a $170.00 price objective for the company.

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.