PetIQ hits record low on bleak forecast

PetIQ

10/08/2022 19:30

** Shares of veterinary products maker PetIQ Inc  PETQ.O 
slide as much as 23.2% to a record low of $13.05, before paring
some of their losses to trade at $14.48 
    ** Stock set for its biggest pct fall since Nov. 2020
    ** Cuts full-year revenue forecast to a range of $920
mln-$940 mln, from prior forecast of about $985 million, on
slower flea and tick season and reduced consumer spending
 urn:newsml:reuters.com:*:nGNX43XQfH
    ** Also reports Q2 total net sales of $252 mln, below
Refinitiv IBES estimates of $259.4 mln
    ** Brokerage Jefferies cuts PT on PETQ to $28 from $34,
while Raymond James cuts PT to $21 from $29
    ** Including session's fall, stock down ~36% YTD, compared
with a ~11% decline in the Nasdaq Biotechnology index  .NBI 

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))