It can potentially change the basis of the stock. Say the grandparents spent $1,000 on the stock they had originally owned in their name, but then they gave it to your son when it was worth $5,000. When he sells the stock, he would use the $1,000 as his basis in the stock to calculate his gain.
If they paid $5,000 for the stock, but it was only worth $1,000 when he received it as a gift, then your selling price would determine if you used the amount they paid for the stock or the Fair Market Value at time of gift to determine a gain or loss.
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