GRI Bio, Inc. (NASDAQ:GRI) Short Interest Up 309.5% in October

GRI Bio, Inc. (NASDAQ:GRI) was the target of a large growth in short interest in 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. Approximately 31.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,370,000 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On GRI Bio

A hedge fund recently bought a new stake in GRI Bio stock. Armistice Capital LLC bought a new stake in shares of GRI Bio, Inc. (NASDAQ:GRI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 50,207 shares of the company’s stock, valued at approximately $96,000. Armistice Capital LLC owned 9.23% of GRI Bio as of its most recent filing with the Securities and Exchange Commission. 33.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets began coverage on shares of GRI Bio in a research report on Tuesday, October 8th. They set a “buy” rating and a $12.00 price objective for the company.

GRI Bio Stock Performance

GRI stock traded up 0.01 during midday trading on Tuesday, reaching 0.85. 331,400 shares of the company traded hands, compared to its average volume of 1,449,514. The firm has a market capitalization of $2.49 million, a price-to-earnings ratio of -0.32 and a beta of -2.04. The business has a 50 day moving average of 0.59 and a 200-day moving average of 1.90. GRI Bio has a 52-week low of 0.30 and a 52-week high of 115.57.

GRI Bio (NASDAQ:GRI) last announced its earnings results on Tuesday, August 13th. The company reported -4.92 earnings per share 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.