GRI Bio, Inc. (NASDAQ:GRI) Sees Large Increase in Short Interest

GRI Bio, Inc. (NASDAQ:GRI) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 924,600 shares, a growth of 309.5% from the October 15th total of 225,800 shares. Based on an average trading volume of 4,370,000 shares, the short-interest ratio is presently 0.2 days. Currently, 31.7% of the company’s stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in GRI Bio stock. Armistice Capital LLC bought a new position in GRI Bio, Inc. (NASDAQ:GRI) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 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 SEC filing. 33.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets started coverage on GRI Bio in a research note on Tuesday, October 8th. They set a “buy” rating and a $12.00 price target on the stock.

GRI Bio Stock Performance

GRI stock traded up 0.01 during midday trading on Tuesday, reaching 0.85. The stock had a trading volume of 331,400 shares, compared to its average volume of 1,449,514. The firm has a fifty day simple moving average of 0.59 and a two-hundred day simple moving average of 1.90. GRI Bio has a 52-week low of 0.30 and a 52-week high of 115.57. The stock has a market cap of $2.49 million, a PE ratio of -0.32 and a beta of -2.04.

GRI Bio (NASDAQ:GRI) last issued its earnings results on Tuesday, August 13th. The company reported -4.92 EPS for the quarter.

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.