AEON Biopharma (NASDAQ:AEON) Stock Breaks Above 50-Day Moving Average – Here’s What Happened

AEON Biopharma, Inc. (NASDAQ:AEON)’s share price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $0.26 and traded as high as $0.2690. AEON Biopharma shares last traded at $0.2640, with a volume of 728,058 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Lake Street Capital restated a “buy” rating and set a $2.00 price objective (up from $1.00) on shares of AEON Biopharma in a report on Thursday, October 1st. Laidlaw started coverage on AEON Biopharma in a research report on Wednesday, September 9th. They issued a “buy” rating and a $1.80 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $1.20 target price (down from $5.00) on shares of AEON Biopharma in a research note on Friday, August 14th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AEON Biopharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $1.67.

AEON Biopharma Trading Up 6.3%

The company has a market cap of $13.17 million, a price-to-earnings ratio of 1.47 and a beta of 0.69. The stock’s 50 day moving average price is $0.26 and its 200 day moving average price is $0.69.

Insider Activity

In related news, major shareholder Timothy P. Lynch acquired 1,150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was bought at an average cost of $0.21 per share, with a total value of $241,500.00. Following the purchase, the insider directly owned 6,500,000 shares of the company’s stock, valued at approximately $1,365,000. This represents a 21.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.40% of the stock is owned by corporate insiders.

AEON Biopharma Company Profile

AEON Biopharma, Inc is a clinical-stage biopharmaceutical company focused on developing botulinum toxin-based therapies for therapeutic, rather than primarily aesthetic, applications. Its lead product candidate, ABP-450, is an investigational botulinum toxin type A complex being studied for the treatment of neurological and other medical conditions.

AEON Biopharma has advanced ABP-450 in clinical development for conditions including chronic migraine and cervical dystonia, a disorder involving involuntary neck-muscle contractions.