Phoenix Biotech Acquisition Corp. (NASDAQ:PBAXW – Get Rating) was the target of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 900 shares, a drop of 52.6% from the September 30th total of 1,900 shares. Based on an average daily volume of 12,800 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On Phoenix Biotech Acquisition

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Context Capital Management LLC purchased a new stake in shares of Phoenix Biotech Acquisition during the first quarter worth about $44,000. Clear Street LLC purchased a new stake in shares of Phoenix Biotech Acquisition during the second quarter worth about $33,000. Finally, MMCAP International Inc. SPC grew its stake in shares of Phoenix Biotech Acquisition by 200.0% during the first quarter. MMCAP International Inc. SPC now owns 375,000 shares of the company's stock worth $82,000 after acquiring an additional 250,000 shares during the last quarter.

Phoenix Biotech Acquisition Stock Performance

Shares of Phoenix Biotech Acquisition stock remained flat at $0.03 during trading on Thursday. The stock had a trading volume of 151,305 shares, compared to its average volume of 23,308. Phoenix Biotech Acquisition has a 1 year low of $0.02 and a 1 year high of $0.58. The firm's 50-day moving average is $0.07 and its two-hundred day moving average is $0.10.

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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