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

GRI Bio, Inc. (NASDAQ:GRI) was the recipient of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 311,700 shares, a growth 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 days-to-cover ratio is presently 0.1 days.

Institutional Trading of GRI Bio

An institutional investor recently bought a new position in GRI Bio stock. Armistice Capital LLC acquired a new stake in GRI Bio, Inc. (NASDAQ:GRI) during the second quarter, according to its most recent filing with the SEC. The firm acquired 50,207 shares of the company’s stock, valued at approximately $96,000. Armistice Capital LLC owned about 9.23% of GRI Bio as of its most recent filing with the SEC. Institutional investors own 33.95% of the company’s stock.

GRI Bio Stock Up 1.9 %

Shares of NASDAQ:GRI opened at $0.78 on Friday. The firm has a market cap of $7.01 million, a P/E 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. The company’s 50-day moving average price is $0.80 and its two-hundred day moving average price is $0.99.

Analysts Set New Price Targets

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

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.