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Aceto (ACET) Stock Tumbles on Q4 Miss

NEW YORK (TheStreet) -- Shares of Aceto (ACET) were plunging 21.37% to $20.20 on heavy trading volume mid-afternoon Friday following its worse-than-expected 2016 fourth-quarter results.

After yesterday's closing bell, Aceto posted earnings of 35 cents per share, falling short of analysts' projected 39 cents per share.

Revenue came in at $135.4 million, below Wall Street's estimated $146.7 million.

For the 2015 fourth quarter, Aceto reported earnings of 48 cents per share on revenues of $146.6 million.

The company attributed its lower-than-expected fourth quarter results to "intensified competition" in its rising pharmaceuticals sector and unfavorable year-over-year comparisons.