Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
In a turbulent market environment, AEON stock has reached a 52-week low, trading at $0.76. According to InvestingPro analysis, the stock’s RSI indicates oversold territory, while the company’s overall financial health score stands at 1.19, labeled as ’WEAK’. With earnings expected in 10 days, analysts project positive net income growth for the year. This price level reflects significant volatility and investor caution, as the broader market grapples with various economic pressures. In a stark contrast to AEON’s current performance, Priveterra Acquisition Corp has experienced a dramatic 1-year change, with its value plummeting by an astonishing -99.9%. This stark downturn for Priveterra highlights the challenging conditions some companies are facing in the current economic landscape, which may also be contributing to the bearish sentiment surrounding AEON’s recent low. InvestingPro subscribers can access 15 additional tips and comprehensive financial metrics to better navigate these market conditions.
In other recent news, AEON Biopharma, Inc. announced the pricing of its public offering, which aims to generate approximately $20 million in gross proceeds. The offering includes 40 million Common Units or Pre-Funded Units, each consisting of a share of Common Stock or a Pre-Funded Warrant, with two series of Registered Common Warrants priced at $0.625. The company has set the public offering price at $0.50 per Common Unit and $0.4999 for each Pre-Funded Unit. The Pre-Funded Warrants are immediately exercisable, while the Series A Warrants will become exercisable after stockholder approval and expire in five years, and the Series B Warrants will expire in thirty months. Aegis Capital Corp. is the sole book-running manager for the offering, and they have been given a 45-day option to purchase additional shares and warrants to cover over-allotments. The net proceeds from this offering, combined with existing cash, are designated for general corporate purposes and working capital. AEON Biopharma’s President and CEO, Marc Forth, indicated that the capital raised will support operations through 2025, funding necessary studies for ABP-450, their biosimilar to BOTOX® for therapeutic uses. The transaction is expected to close soon, subject to customary closing conditions.
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