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Benzinga
Benzinga
Business
Akanksha Bakshi

Benchmark Downgrades AeroClean After Share Price Rallies

GE Nasdaq FDA General Electric Co NYSE Nashville TN Vice President
  • Benchmark analyst Robert Wasserman downgraded AeroClean Technologies Inc (NASDAQ:AERC) to Hold from Buy, without a price target.
  • The analyst notes that despite a poor overall market outlook, the company's shares have quickly reached and exceeded earlier price targets.
  • Wasserman downgraded the rating on AERC at this time due to share price and market volatility.
  • AeroClean hired Jimmy Thompson as Vice President of Strategic Sales last week. Thompson's prior experience includes key sales positions at Cerner Corp (NASDAQ:CERN), General Electric Co's (NYSE:GE) GE Healthcare, SIMS Portex, and Baptist Hospital in Nashville, TN.
  • The new hire announcement follows closely on the heels of the company's announcement of FDA marketing approval for its Pūrgo air purification device.
  • Related: Why AeroClean Shares Are Jumping Today
  • Price Action: AERC shares are trading lower by 17.62% at $14.21 on the last check Tuesday.
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