Shares of maker of skin treatment devices, Beauty Health (ASX:SKIN), have risen 5% to $6.35 in premarket trading.

The company has announced a stock buyback program set to begin on September 26.

The move follows a recent authorization by the board to repurchase up to $100 million of its common stock.

Beauty Health intends to fund the share repurchases with already available cash reserves.

The company had previously released an announcement on September 12 concerning the provided share repurchase authorization, but stated incorrectly that the trading plan would be implemented during Q3 2024.

Instead, the company plans to implement the trading plan in Q3 2023.

Among 11 brokerages, seven rate the Beauty Health stock as ‘buy’ or higher, with the remaining four rating ‘hold’.

Median price target is set at $10.50, according to LSEG data.

Despite the recent rise, the stock has recorded a drop of 33.5% from the start of this year to Tuesday’s close.

Beauty Health (ASX:SKIN) is a manufacturer of skin treatment devices.