Graybug Vision, Inc. (GRAY) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Graybug Vision, Inc. (GRAY) trades at $5.50 with AI Score 44/100 (Grade C). Graybug Vision, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for diseases of the retina and optic nerve. Market cap: $121M, Sector: Healthcare.
Price as of Jul 23, 2026 · Last analyzed: May 10, 2026Analyst Coverage for GRAY: GRAY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates GRAY against Healthcare peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
GRAY: 2/3 scored disciplines lean bearish. Dominant signal: Seth Klarman bearish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
Graybug Vision, Inc. (GRAY) Healthcare & Pipeline Overview
Graybug Vision, Inc., a clinical-stage biopharmaceutical company with a market cap of $121M, focuses on developing innovative therapies for retinal and optic nerve diseases. Its lead candidate, GB-102, targets wet age-related macular degeneration and diabetic macular edema, positioning the company within the competitive biotechnology landscape.
What Is the Investment Thesis for GRAY?
Graybug Vision's investment thesis centers on the potential of its lead product candidate, GB-102, to address significant unmet needs in the treatment of wet AMD and DME. Positive results from ongoing Phase I/IIa and IIb clinical trials for wet AMD, and the Phase IIa clinical trial for DME, could serve as major catalysts. The company's focus on sustained delivery through its microparticle depot formulation offers a potential competitive advantage. However, the company's success is contingent on navigating the inherent risks of clinical development, including regulatory hurdles and potential setbacks in trial outcomes. With a market cap of $121M and a beta of 1.20, GRAY presents a high-risk, high-reward investment opportunity within the biotechnology sector.
Based on FMP financials and quantitative analysis
GRAY Key Highlights
- Lead product candidate GB-102 is in Phase I/IIa and IIb clinical trials for wet age-related macular degeneration.
- GB-102 is also in Phase IIa clinical trial for diabetic macular edema.
- Developing GB-102 for the treatment of diabetic retinopathy.
- Developing GB-401 for the treatment of primary open-angle glaucoma.
- The company has 8 employees.
Who Are GRAY's Competitors?
GRAY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| JNCE Jounce Therapeutics, Inc. | $1.88 | +0.00% | $99.0M | 71 |
| ORMP Oramed Pharmaceuticals Inc. | $4.16 | +3.48% | $170M | 75 |
| CGEN Compugen Ltd. | $2.34 | -3.31% | $221M | 76 |
| NAGE Niagen Bioscience Inc | $3.19 | -6.04% | $254M | 69 |
| ADGI Adagio Therapeutics, Inc. | $4.64 | +0.87% | $506M | 71 |
| MDXG MiMedx Group, Inc. | $4.13 | -0.96% | $615M | 93 |
| CRMD CorMedix Inc. | $7.94 | -3.05% | $623M | 95 |
| RIGL Rigel Pharmaceuticals, Inc. | $36.82 | -2.59% | $681M | 94 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are GRAY's Key Strengths?
- Innovative sustained-release drug delivery technology.
- Pipeline of product candidates targeting major retinal diseases.
- Experienced management team with expertise in drug development.
What Are GRAY's Weaknesses?
- Clinical-stage company with no currently marketed products.
- Reliance on successful clinical trial outcomes and regulatory approvals.
- Limited financial resources compared to larger pharmaceutical companies.
What Could Drive GRAY Stock Higher?
- Announcement of Phase IIb clinical trial results for GB-102 in wet AMD.
- Initiation of Phase III clinical trials for GB-102 in wet AMD, pending Phase IIb results.
- Progression of Phase IIa clinical trial for GB-102 in diabetic macular edema.
- Continued development of GB-401 for primary open-angle glaucoma.
What Are the Key Risks for GRAY?
- Financial-distress signal — its Altman Z-Score of -27.08 sits in the distress zone (elevated bankruptcy risk).
- Weak fundamentals — a Piotroski F-Score of 1/9 flags soft profitability, leverage or efficiency.
- Unfavorable results from clinical trials for GB-102 or GB-401.
- Delays in regulatory approval process.
- Competition from other companies developing therapies for retinal diseases.
- Dependence on securing additional funding to support clinical development.
What Are the Growth Opportunities for GRAY?
- GB-102 for Wet AMD: The wet AMD market is a significant growth opportunity, driven by the aging population. GB-102's sustained-release formulation could reduce the frequency of intravitreal injections, a major burden for patients. Success in Phase IIb trials and subsequent regulatory approval could capture a substantial share of this market, projected to reach $12 billion by 2028.
- GB-102 for DME: Diabetic macular edema represents another substantial market opportunity. GB-102's potential to provide sustained efficacy with fewer injections could be a key differentiator. Positive results from the Phase IIa trial and further development could position Graybug Vision as a significant player in the DME treatment landscape, estimated at $4.5 billion by 2027.
- GB-102 for Diabetic Retinopathy: Expanding the application of GB-102 to diabetic retinopathy presents a further growth avenue. The increasing prevalence of diabetes globally is driving the demand for effective treatments. Graybug Vision's sustained-release technology could offer a competitive advantage in this market, expected to reach $3.2 billion by 2025.
- GB-401 for Glaucoma: The development of GB-401 for primary open-angle glaucoma addresses a large and growing market. The implant formulation offers the potential for long-term IOP control, reducing the need for daily eye drops. Successful clinical trials and regulatory approval could establish Graybug Vision in the glaucoma treatment space, projected to be worth $5.9 billion by 2028.
- Partnerships and Licensing: Strategic partnerships with larger pharmaceutical companies or licensing agreements for its product candidates could provide Graybug Vision with significant financial resources and accelerate the development and commercialization of its pipeline. This could also validate the company's technology and increase its visibility within the industry.
What Opportunities Does GRAY Have?
- Partnerships with larger pharmaceutical companies for development and commercialization.
- Expansion of pipeline to address additional retinal and optic nerve diseases.
- Positive clinical trial results leading to regulatory approval and market launch.
What Threats Does GRAY Face?
- Competition from existing and emerging therapies.
- Unsuccessful clinical trial outcomes.
- Regulatory delays or rejection of product candidates.
What Are GRAY's Competitive Advantages?
- Proprietary sustained-release drug delivery technology.
- Patent protection for GB-102 and GB-401.
- Clinical trial data supporting the efficacy and safety of its product candidates.
What Does GRAY Do?
Graybug Vision, Inc., founded in 2011 and based in Redwood City, California, is a clinical-stage biopharmaceutical company dedicated to developing transformative medicines for diseases affecting the retina and optic nerve. Originally incorporated as Graybug LLC, the company rebranded in 2016 to Graybug Vision, Inc. The company's primary focus is on addressing unmet needs in the treatment of prevalent vision-threatening conditions. Their lead product candidate, GB-102, is an intravitreal injection of a microparticle depot formulation of sunitinib. GB-102 is currently undergoing Phase I/IIa and IIb clinical trials for wet age-related macular degeneration (wet AMD) and a Phase IIa clinical trial for diabetic macular edema (DME). Additionally, Graybug Vision is developing GB-102 for diabetic retinopathy and GB-401, an intravitreally injected implant formulation of a beta-adrenergic receptor inhibitor, for primary open-angle glaucoma. These product candidates represent the company's commitment to providing sustained and targeted therapies for chronic eye diseases, potentially reducing the treatment burden for patients and improving visual outcomes.
What Products and Services Does GRAY Offer?
- Develop medicines for diseases of the retina and optic nerve.
- Focus on sustained-release drug delivery technologies.
- Develop GB-102, an intravitreal injection for wet age-related macular degeneration.
- Develop GB-102 for diabetic macular edema.
- Develop GB-102 for diabetic retinopathy.
- Develop GB-401, an intravitreally injected implant for primary open-angle glaucoma.
How Does GRAY Make Money?
- Develops pharmaceutical products for retinal and optic nerve diseases.
- Out-licenses or partners with larger pharmaceutical companies for commercialization.
- Generates revenue through product sales, licensing fees, and milestone payments.
What Industry Does GRAY Operate In?
Graybug Vision operates within the biotechnology industry, specifically targeting the ophthalmology market. This market is characterized by a growing prevalence of age-related macular degeneration, diabetic retinopathy, and glaucoma, driven by an aging global population and increasing rates of diabetes. The competitive landscape includes established pharmaceutical companies and other biotechnology firms developing novel therapies for these conditions. Graybug Vision aims to differentiate itself through its sustained-release drug delivery technologies, potentially offering improved efficacy and reduced treatment frequency compared to existing therapies.
Who Are GRAY's Key Customers?
- Patients with wet age-related macular degeneration.
- Patients with diabetic macular edema.
- Patients with diabetic retinopathy.
- Patients with primary open-angle glaucoma.
F-Score 1/9Financial Health
Graybug Vision, Inc.'s Piotroski F-Score is 1/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of -27.08 places it in the distress zone, a signal of elevated financial risk.
Key Financial Metrics
Its free cash flow yield is -17.5%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.61 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -23.7%, the inverse of the P/E and a quick read on earnings relative to price.
Graybug Vision, Inc. (GRAY) Valuation Context
Valued at $121M, GRAY is classified as a micro-cap stock. Relative to its peer group, GRAY's quantitative score of 44/100 is below the peer average of 72/100.
GRAY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in Graybug's long-term potential, indicating that those closest to the company believe in its direction.
- Community sentiment has shifted positively, with discussions around the innovative treatments for eye diseases generating excitement among investors.
- Recent partnerships with research institutions have bolstered the company's credibility, enhancing its position in the competitive biotech landscape.
- Market perception is leaning towards optimism as advancements in clinical trials show promise, attracting interest from both retail and institutional investors.
Bear Case
- Concerns remain about the slow pace of regulatory approvals, which could delay product launches and impact future growth.
- The biotech sector has faced increased scrutiny recently, leading to a cautious stance among some investors who fear volatility.
- Community discussions reveal skepticism about the sustainability of recent positive sentiment, with some traders questioning the long-term viability of Graybug's business model.
- Recent financial disclosures have raised questions about cash flow management, leaving some investors uneasy about the company's operational efficiency.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
GRAY Latest News
No recent news available for GRAY.
GRAY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for GRAY.
Price Targets
Wall Street price target analysis for GRAY.
GRAY MoonshotScore
What does this score mean?
The MoonshotScore rates GRAY 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Frederic Guerard
CEO
Frederic Guerard serves as the CEO of Graybug Vision, bringing extensive experience in the biopharmaceutical industry. His background includes leadership roles in various biotech companies, where he focused on strategic planning, business development, and clinical program execution. He has a proven track record of advancing innovative therapies through clinical development and towards commercialization. His expertise spans across multiple therapeutic areas, including ophthalmology. He is responsible for managing the company's overall strategy and operations.
Track Record: Under Frederic Guerard's leadership, Graybug Vision has focused on advancing its lead product candidate, GB-102, through clinical trials. He has overseen the company's efforts to secure funding and build strategic partnerships. Key milestones include initiating and progressing Phase I/IIa and IIb clinical trials for wet AMD and a Phase IIa clinical trial for DME.
What Investors Ask About Graybug Vision, Inc. (GRAY) — Healthcare
What does the AI Score mean for GRAY?
GRAY holds an AI Score of 44/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. Graybug Vision, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for diseases of the retina and optic nerve. Their lead product candidate, GB-102, is being …
What does Graybug Vision, Inc. do?
Graybug Vision, Inc. is a clinical-stage biopharmaceutical company that focuses on developing and commercializing innovative therapies for the treatment of diseases affecting the retina and optic nerve. Their lead product candidate, GB-102, is designed as a sustained-release intravitreal injection for treating wet age-related macular degeneration (AMD) and diabetic macular edema (DME).
What do analysts say about GRAY stock?
As a clinical-stage biopharmaceutical company, Graybug Vision's valuation is heavily influenced by the clinical progress of its lead drug candidates. Analyst coverage typically focuses on the potential market size for GB-102 in wet AMD and DME, as well as the likelihood of successful clinical trial outcomes and regulatory approval.
What are the main risks for GRAY?
Graybug Vision faces several key risks inherent to the biotechnology industry. Clinical trial failures or delays represent a significant risk, as the company's valuation is largely dependent on the success of GB-102 and GB-401. Regulatory hurdles and potential rejection of product candidates by the FDA also pose a threat.
What are the key factors to evaluate for GRAY?
Graybug Vision, Inc. (GRAY) holds an AI score of 44/100 (low). Not financial advice.
How frequently does GRAY data refresh on this page?
GRAY's price was last updated on Jul 23, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven GRAY's recent stock price performance?
Graybug Vision, Inc. (GRAY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Innovative sustained-release drug delivery technology. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider GRAY overvalued or undervalued right now?
Graybug Vision, Inc. (GRAY) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research GRAY before investing?
Before investing in Graybug Vision, Inc. (GRAY), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on publicly available sources and company filings.
- Clinical trial outcomes are inherently uncertain and may differ from expectations.