Ascendiant Capital Markets Forecasts Strong Price Appreciation for GRI Bio (NASDAQ:GRI) Stock

GRI Bio (NASDAQ:GRI) had its price target hoisted by Ascendiant Capital Markets from $12.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

GRI Bio Trading Down 4.4 %

GRI stock opened at 0.65 on Thursday. The firm has a market cap of $5.80 million, a P/E ratio of -0.25 and a beta of -2.04. The stock’s 50 day simple moving average is 0.68 and its 200 day simple moving average is 1.37. GRI Bio has a 12-month low of 0.30 and a 12-month high of 65.00.

Hedge Funds Weigh In On GRI Bio

An institutional investor recently bought a new position in GRI Bio stock. Armistice Capital LLC bought a new stake in shares of GRI Bio, Inc. (NASDAQ:GRI) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund 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 SEC filing. 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.