AEON Biopharma (NASDAQ:AEON) Trading Down 40.1% – Here’s Why

AEON Biopharma, Inc. (NASDAQ:AEON)’s share price was down 40.1% during trading on Thursday . The stock traded as low as $0.82 and last traded at $0.85. Approximately 4,975,269 shares were traded during trading, an increase of 642% from the average daily volume of 670,316 shares. The stock had previously closed at $1.42.

AEON Biopharma Stock Down 18.1 %

The stock’s 50 day moving average price is $16.44 and its two-hundred day moving average price is $45.22. The firm has a market capitalization of $55.66 million, a price-to-earnings ratio of 3.83 and a beta of 0.06.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Formidable Asset Management LLC grew its stake in shares of AEON Biopharma by 76.8% in the 4th quarter. Formidable Asset Management LLC now owns 689,182 shares of the company’s stock valued at $372,000 after buying an additional 299,400 shares in the last quarter. Geode Capital Management LLC lifted its stake in AEON Biopharma by 30.1% in the third quarter. Geode Capital Management LLC now owns 243,168 shares of the company’s stock valued at $255,000 after acquiring an additional 56,310 shares during the last quarter. HighTower Advisors LLC bought a new stake in AEON Biopharma in the third quarter worth approximately $25,000. Finally, Caprock Group LLC acquired a new position in shares of AEON Biopharma during the 3rd quarter worth $66,000. 22.78% of the stock is owned by institutional investors and hedge funds.

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.