GRI Bio (NASDAQ:GRI) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Shares of GRI Bio, Inc. (NASDAQ:GRI) passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $1.79 and traded as high as $1.9399. GRI Bio shares last traded at $1.88, with a volume of 43,767 shares changing hands.

Analysts Set New Price Targets

Several research firms have weighed in on GRI. Weiss Ratings reissued a “sell (e+)” rating on shares of GRI Bio in a report on Thursday, October 15th. HC Wainwright reiterated a “buy” rating on shares of GRI Bio in a research note on Tuesday, October 13th. Two equities 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, GRI Bio has an average rating of “Hold” and a consensus target price of $21.00.

GRI Bio Trading Up 21.3%

The stock has a market capitalization of $4.12 million, a price-to-earnings ratio of -0.05 and a beta of -1.13. The company’s 50-day simple moving average is $1.79 and its 200-day simple moving average is $2.16.

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

GRI Bio Company Profile

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.