GRI Bio (NASDAQ:GRI) Shares Up 8.4% – Here’s Why

GRI Bio, Inc. (NASDAQ:GRI)’s share price was up 8.4% during trading on Thursday. The stock traded as high as $1.67 and last traded at $1.55. 128,834 shares traded hands during trading, an increase of 206% from the average session volume of 42,037 shares. The stock had previously closed at $1.43.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GRI shares. HC Wainwright reiterated a “buy” rating on shares of GRI Bio in a research report on Tuesday, October 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of GRI Bio in a report on Thursday, October 15th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $21.00.

GRI Bio Price Performance

The stock has a market capitalization of $4.12 million, a P/E ratio of -0.05 and a beta of -1.13. The company’s 50 day simple moving average is $1.79 and its two-hundred day simple moving average is $2.16.

GRI Bio (NASDAQ:GRI) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.19) by $0.28. On average, research analysts anticipate that GRI Bio, Inc. will post -3.75 earnings per share for the current fiscal year.

About GRI Bio

GRI Bio, Inc (NASDAQ: GRI) is a clinical-stage biotechnology company focused on developing therapies that modulate natural killer T (NKT) cells. NKT cells are immune cells involved in regulating inflammation and immune responses, and the company is researching their potential role in autoimmune, inflammatory, and fibrotic diseases.

GRI Bio’s lead product candidate is GRI-0621, an orally administered small-molecule inhibitor designed to selectively modulate type I NKT cells. The company has been evaluating GRI-0621 as a potential treatment for idiopathic pulmonary fibrosis, a progressive lung disease characterized by scarring and impaired respiratory function.