AEON Biopharma (NASDAQ:AEON) Shares Down 6.5% – Should You Sell?

AEON Biopharma, Inc. (NASDAQ:AEON) shares traded down 6.5% on Wednesday . The company traded as low as $0.69 and last traded at $0.70. 204,474 shares changed hands during trading, a decline of 64% from the average session volume of 562,368 shares. The stock had previously closed at $0.75.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of AEON Biopharma in a research note on Tuesday, October 1st.

AEON Biopharma Trading Up 0.9 %

The stock has a market capitalization of $24.14 million, a P/E ratio of 3.39 and a beta of 0.40. The stock’s 50 day simple moving average is $0.92 and its 200 day simple moving average is $1.31.

AEON Biopharma (NASDAQ:AEON) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.03. On average, sell-side analysts expect that AEON Biopharma, Inc. will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On AEON Biopharma

Several institutional investors have recently made changes to their positions in AEON. Vanguard Group Inc. increased its position in AEON Biopharma by 261.8% in the 1st quarter. Vanguard Group Inc. now owns 758,992 shares of the company’s stock valued at $8,804,000 after acquiring an additional 549,207 shares during the period. Caprock Group LLC bought a new stake in shares of AEON Biopharma during the 3rd quarter worth about $66,000. Finally, HighTower Advisors LLC acquired a new stake in AEON Biopharma in the third quarter worth approximately $25,000. 22.78% of the stock is owned by 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.