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

GRI Bio, Inc. (NASDAQ:GRI) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totaling 700,747 shares, a decrease of 73.9% from the December 31st total of 2,686,135 shares. Approximately 154.3% of the company’s shares are short sold. Based on an average daily volume of 2,940,971 shares, the days-to-cover ratio is currently 0.2 days. Based on an average daily volume of 2,940,971 shares, the days-to-cover ratio is currently 0.2 days. Approximately 154.3% of the company’s shares are short sold.

GRI Bio Price Performance

GRI traded down $0.75 during trading on Thursday, reaching $3.36. The company had a trading volume of 494,440 shares, compared to its average volume of 819,719. The company has a market cap of $1.68 million, a P/E ratio of -0.40 and a beta of -1.39. GRI Bio has a 12 month low of $3.16 and a 12 month high of $333.20. The business’s fifty day moving average price is $21.54 and its 200 day moving average price is $39.23.

GRI Bio (NASDAQ:GRI) last issued its quarterly earnings data on Friday, November 14th. The company reported ($35.84) EPS for the quarter, missing analysts’ consensus estimates of ($31.08) by ($4.76). As a group, sell-side analysts predict that GRI Bio will post -3.04 EPS for the current fiscal year.

Analyst Ratings Changes

GRI has been the topic of a number of recent analyst reports. Ascendiant Capital Markets raised their target price on GRI Bio from $980.00 to $1,008.00 and gave the stock a “buy” rating in a report on Monday, December 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of GRI Bio in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $644.00.

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.