GRI Bio (NASDAQ:GRI) Trading 31.4% Higher – Still a Buy?

Shares of GRI Bio, Inc. (NASDAQ:GRI) traded up 31.4% during mid-day trading on Thursday . The stock traded as high as $2.87 and last traded at $2.05. 60,139,038 shares changed hands during trading, an increase of 55,935% from the average session volume of 107,324 shares. The stock had previously closed at $1.56.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Ascendiant Capital Markets lowered their target price on shares of GRI Bio from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Tuesday, May 27th. HC Wainwright reissued a “buy” rating on shares of GRI Bio in a research note on Wednesday, June 11th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, GRI Bio presently has a consensus rating of “Buy” and a consensus target price of $22.00.

GRI Bio Stock Performance

The stock has a market capitalization of $5.17 million, a PE ratio of -0.18 and a beta of -1.59. The stock’s 50 day moving average is $1.58 and its two-hundred day moving average is $2.40.

GRI Bio (NASDAQ:GRI) last released its earnings results on Thursday, August 14th. The company reported ($1.31) earnings per share for the quarter, meeting the consensus estimate of ($1.31). Equities research analysts expect that GRI Bio, Inc. will post -3.04 EPS for the current fiscal year.

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.