Phoenix Biotech Acquisition Corp. (NASDAQ:PBAXW – Get Rating) was the target of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 2,400 shares, a drop of 64.2% from the July 31st total of 6,700 shares. Based on an average daily volume of 13,000 shares, the days-to-cover ratio is currently 0.2 days.

Phoenix Biotech Acquisition Price Performance

Shares of NASDAQ PBAXW remained flat at $0.09 during midday trading on Friday. 58,315 shares of the stock were exchanged, compared to its average volume of 27,935. Phoenix Biotech Acquisition has a twelve month low of $0.07 and a twelve month high of $0.58. The stock's fifty day simple moving average is $0.09.

Institutional Investors Weigh In On Phoenix Biotech Acquisition

A number of institutional investors have recently added to or reduced their stakes in the stock. Clear Street LLC acquired a new stake in Phoenix Biotech Acquisition in the 2nd quarter valued at $33,000. MMCAP International Inc. SPC lifted its holdings in Phoenix Biotech Acquisition by 200.0% in the 1st quarter. MMCAP International Inc. SPC now owns 375,000 shares of the company's stock valued at $82,000 after purchasing an additional 250,000 shares in the last quarter. Finally, Context Capital Management LLC purchased a new position in Phoenix Biotech Acquisition in the 1st quarter valued at $44,000.

About Phoenix Biotech Acquisition

Phoenix Biotech Acquisition Corp. intends to acquire assets and businesses through a merger, share exchange, share purchase, reorganization, or similar business combination. It focuses on pursuing opportunities in the life sciences sector. The company was incorporated in 2021 and is based in Oakland, California.

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