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 fifty day moving average during trading on Wednesday. The stock has a fifty 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 traded.

Analysts Set New Price Targets

A number of research firms recently issued reports on AEON. HC Wainwright reaffirmed 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. Laidlaw started coverage on AEON Biopharma in a research report on Wednesday, September 9th. They set a “buy” rating and a $1.80 price target for the company. Finally, Lake Street Capital reissued a “buy” rating and set a $2.00 price target (up from $1.00) on shares of AEON Biopharma in a research report on Thursday, October 1st. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1.67.

AEON Biopharma Trading Up 6.3%

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

Insider Activity

In other news, major shareholder Timothy P. Lynch purchased 1,150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average cost of $0.21 per share, for a total transaction of $241,500.00. Following the completion of the acquisition, the insider directly owned 6,500,000 shares in the company, valued at $1,365,000. This represents a 21.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.