AEON Biopharma (NASDAQ:AEON) Trading Down 10.2% – Should You Sell?

AEON Biopharma, Inc. (NASDAQ:AEON)’s stock price dropped 10.2% during trading on Tuesday . The company traded as low as $0.73 and last traded at $0.76. Approximately 484,258 shares changed hands during trading, a decline of 53% from the average daily volume of 1,022,112 shares. The stock had previously closed at $0.85.

AEON Biopharma Price Performance

The business has a 50-day simple moving average of $0.55 and a 200-day simple moving average of $10.65. The firm has a market capitalization of $8.65 million, a PE ratio of 4.25 and a beta of 0.57.

Insider Activity

In other news, Director Jost Fischer purchased 60,000 shares of AEON Biopharma stock in a transaction dated Tuesday, May 20th. The shares were purchased at an average price of $0.51 per share, with a total value of $30,600.00. Following the transaction, the director now owns 206,785 shares in the company, valued at $105,460.35. This represents a 40.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.86% of the company’s stock.

Institutional Investors Weigh In On AEON Biopharma

A hedge fund recently raised its stake in AEON Biopharma stock. Formidable Asset Management LLC increased its position in shares of AEON Biopharma, Inc. (NASDAQ:AEON) by 76.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 689,182 shares of the company’s stock after acquiring an additional 299,400 shares during the quarter. Formidable Asset Management LLC owned approximately 0.86% of AEON Biopharma worth $372,000 as of its most recent filing with the SEC. 22.78% of the stock is owned by hedge funds and other institutional investors.

About AEON Biopharma

AEON Biopharma, Inc, a clinical stage biopharmaceutical company, focuses on developing botulinum toxins. It develops ABP-450 (prabotulinumtoxinA) injection for debilitating medical conditions, which completed Phase 2 study for the treatment of cervical dystonia and has an ongoing Phase 2 study for the treatment of both chronic and episodic migraine, as well as develops ABP-450 for the treatment of gastroparesis and posttraumatic stress disorder.