Short Interest in GRI Bio, Inc. (NASDAQ:GRI) Drops By 21.9%

GRI Bio, Inc. (NASDAQ:GRI) saw a large drop in short interest in March. As of March 13th, there was short interest totaling 105,615 shares, a drop of 21.9% from the February 26th total of 135,157 shares. Currently, 8.0% of the company’s stock are sold short. Based on an average trading volume of 47,066 shares, the short-interest ratio is presently 2.2 days.

GRI Bio Price Performance

GRI traded up $0.03 during trading hours on Tuesday, hitting $2.29. 20,111 shares of the stock were exchanged, compared to its average volume of 359,632. The stock has a market cap of $3.32 million, a price-to-earnings ratio of -0.01 and a beta of -1.38. The stock has a 50-day simple moving average of $2.86 and a 200-day simple moving average of $26.22. GRI Bio has a 12 month low of $2.10 and a 12 month high of $311.36.

GRI Bio (NASDAQ:GRI) last released its earnings results on Friday, January 30th. The company reported $23.52 earnings per share for the quarter. Sell-side analysts expect that GRI Bio will post -3.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GRI shares. Wall Street Zen lowered shares of GRI Bio to a “strong sell” rating in a research note on Saturday, January 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of GRI Bio in a research note on Thursday, January 22nd. Finally, Ascendiant Capital Markets boosted their price objective on GRI Bio from $980.00 to $1,008.00 and gave the company a “buy” rating in a report on Monday, December 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $644.00.

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.