Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX – Get Rating) was the recipient of a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 16,400 shares, a decline of 56.6% from the April 30th total of 37,800 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 50,900 shares, the short-interest ratio is currently 0.3 days.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Deltec Asset Management LLC bought a new stake in Phoenix Biotech Acquisition in the 4th quarter worth about $99,000. Starboard Value LP bought a new position in Phoenix Biotech Acquisition in the 4th quarter worth approximately $238,000. Dupont Capital Management Corp purchased a new position in shares of Phoenix Biotech Acquisition in the fourth quarter valued at $248,000. Woodline Partners LP purchased a new position in Phoenix Biotech Acquisition during the 4th quarter valued at about $248,000. Finally, Sculptor Capital LP purchased a new position in Phoenix Biotech Acquisition during the first quarter valued at approximately $276,000. 68.79% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:PBAX opened at $9.99 on Friday. The company has a fifty day moving average of $10.00. Phoenix Biotech Acquisition has a twelve month low of $9.71 and a twelve month high of $11.76.
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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