Aceto Corp Gets a Sell Rating from Canaccord Genuity

Canaccord Genuity analyst Dewey Steadman maintained a Sell rating on Aceto Corp (NASDAQ: ACET) today and set a price target of $2. The company’s shares opened today at $2.83, close to its 52-week low of $2.22.

According to TipRanks.com, Steadman has currently no stars on a ranking scale of 0-5 stars, with an average return of -6.4% and a 37.1% success rate. Steadman covers the Healthcare sector, focusing on stocks such as ANI Pharmaceuticals Inc, Pacira Pharmaceuticals, and Cardiome Pharma Corp.

Aceto Corp has an analyst consensus of Moderate Sell, with a price target consensus of $2.

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Based on Aceto Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $197 million. In comparison, last year the company had a net profit of $5.59 million.

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Aceto Corp. engages in the development, marketing, sales, and distribution of chemical compounds used in the pharmaceutical, nutraceutical, agricultural, coatings, and industrial chemical industries. It operates through the following segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals.