Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX – Get Rating) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 7,300 shares, an increase of 40.4% from the July 15th total of 5,200 shares. Currently, 0.0% of the shares of the company are sold short. Based on an average daily trading volume, of 41,000 shares, the days-to-cover ratio is currently 0.2 days.
Institutional Trading of Phoenix Biotech Acquisition
Several institutional investors and hedge funds have recently bought and sold shares of PBAX. Beryl Capital Management LLC acquired a new position in shares of Phoenix Biotech Acquisition in the 4th quarter valued at about $12,192,000. Saba Capital Management L.P. acquired a new position in shares of Phoenix Biotech Acquisition in the 4th quarter valued at about $6,340,000. MMCAP International Inc. SPC increased its holdings in shares of Phoenix Biotech Acquisition by 200.0% in the 1st quarter. MMCAP International Inc. SPC now owns 750,000 shares of the company's stock valued at $7,504,000 after purchasing an additional 500,000 shares during the period. Context Capital Management LLC acquired a new position in shares of Phoenix Biotech Acquisition in the 1st quarter valued at about $4,002,000. Finally, CSS LLC IL acquired a new position in shares of Phoenix Biotech Acquisition in the 4th quarter valued at about $3,153,000. Institutional investors and hedge funds own 68.79% of the company's stock.
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Phoenix Biotech Acquisition Stock Performance
Phoenix Biotech Acquisition stock remained flat at $10.08 during midday trading on Friday. 7 shares of the company's stock traded hands, compared to its average volume of 74,412. The business's 50 day simple moving average is $10.04 and its 200-day simple moving average is $10.00. Phoenix Biotech Acquisition has a 12-month low of $9.71 and a 12-month high of $11.76.
About Phoenix Biotech Acquisition
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Phoenix Biotech Acquisition Corp. does not have significant operations. The company intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It engages in identifying and acquiring a business that focuses on the healthcare or healthcare related industries in the United States and Europe.
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