GRI Bio, Inc. (NASDAQ:GRI) Short Interest Down 29.2% in March

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in GRI Bio stock. Geode Capital Management LLC lifted its position in shares of GRI Bio, Inc. (NASDAQ:GRI) by 543.0% during the fourth quarter, according to the company in its most recent Form 13F 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 about 0.85% of GRI Bio worth $63,000 as of its most recent SEC filing. 33.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GRI has been the topic of several analyst reports. Ascendiant Capital Markets raised their price objective on GRI Bio from $204.00 to $221.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. HC Wainwright assumed coverage on GRI Bio in a research note on Monday, December 9th. They issued a “buy” rating and a $170.00 price target on the stock.

GRI Bio Price Performance

NASDAQ GRI traded down $1.17 during mid-day trading on Monday, hitting $3.20. The company’s stock had a trading volume of 96,211 shares, compared to its average volume of 17,368. GRI Bio has a 52-week low of $3.05 and a 52-week high of $172.49. The stock’s fifty day simple moving average is $8.26 and its two-hundred day simple moving average is $10.54. The firm has a market capitalization of $1.68 million, a P/E ratio of -0.28 and a beta of -2.10.

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.