GRI Bio (NASDAQ:GRI) Shares to Reverse Split on Monday, February 24th

GRI Bio, Inc. (NASDAQ:GRI) shares are set to reverse split on Monday, February 24th. The 1-17 reverse split was announced on Wednesday, February 19th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, February 21st.

GRI Bio Stock Down 4.5 %

NASDAQ:GRI opened at $0.53 on Thursday. The stock has a fifty day simple moving average of $0.70 and a 200 day simple moving average of $0.64. The firm has a market capitalization of $4.73 million, a price-to-earnings ratio of -0.78 and a beta of -2.15. GRI Bio has a 1-year low of $0.30 and a 1-year high of $13.72.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. HC Wainwright began coverage on shares of GRI Bio in a report on Monday, December 9th. They issued a “buy” rating and a $10.00 target price for the company. Ascendiant Capital Markets raised their price objective on shares of GRI Bio from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th.

Institutional Investors Weigh In On GRI Bio

A hedge fund recently bought a new stake in GRI Bio stock. Virtu Financial LLC purchased a new position in GRI Bio, Inc. (NASDAQ:GRI) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,381 shares of the company’s stock, valued at approximately $25,000. Virtu Financial LLC owned approximately 0.34% of GRI Bio at the end of the most recent reporting period. Institutional investors own 33.95% of the company’s stock.

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.