GRI Bio (NASDAQ:GRI) Trading 2.1% Higher – Should You Buy?

GRI Bio, Inc. (NASDAQ:GRI) shares traded up 2.1% during mid-day trading on Friday . The company traded as high as $0.73 and last traded at $0.72. 95,239 shares changed hands during trading, a decline of 47% from the average session volume of 180,878 shares. The stock had previously closed at $0.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. HC Wainwright assumed coverage on GRI Bio in a research report on Monday, December 9th. They set a “buy” rating and a $10.00 price objective for the company. Ascendiant Capital Markets lifted their target price on GRI Bio from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, December 5th.

GRI Bio Stock Up 2.1 %

The stock has a fifty day simple moving average of $0.77 and a two-hundred day simple moving average of $0.78.

Institutional Investors Weigh In On GRI Bio

A hedge fund recently bought a new stake in GRI Bio stock. Armistice Capital LLC acquired a new stake in GRI Bio, Inc. (NASDAQ:GRI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 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 & Exchange Commission. 33.95% of the stock is owned by institutional investors.

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.