Why did aeon shoot up today

AEON Biopharma's significant stock price increase today can be attributed to several factors:

1. Strategic Reprioritization: AEON announced a strategic reprioritization to pursue a biosimilar pathway for ABP-450, which is expected to move ahead with a head-to-head comparison to BOTOX® in a cervical dystonia Phase 3 study via the 351(k) pathway. This news likely generated optimism among investors about the potential market opportunity and the progress of the company towards commercialization.
2. Technical Indicator: The formation of a hammer chart pattern in the last trading session indicates that the stock could be nearing a bottom with likely subsiding of selling pressure. This technical analysis suggests that some investors may have interpreted the pattern as a bullish signal.
3. Analyst Ratings: The consensus rating among Wall Street analysts is strong, with a Zacks Rank of 2 (Buy) and a higher potential upside compared to Phibro Animal Health. Analysts' positive outlook can influence investor sentiment and contribute to stock price appreciation.
4. Financial Performance: There has been an upward trend in earnings estimate revisions for the current year, with a 23.4% increase in the consensus EPS estimate. This indicates that analysts are becoming more optimistic about the company's future earnings potential.
5. Market Conditions: The overall market conditions and investor sentiment can also impact stock prices. It's important to consider broader market factors that may have contributed to the stock's movement.

In conclusion, the combination of strategic developments, positive technical indicators, analyst ratings, and financial performance improvements likely contributed to the significant increase in AEON Biopharma's stock price today.