StockNews.com Upgrades 22nd Century Group (NASDAQ:XXII) to Hold

StockNews.com upgraded shares of 22nd Century Group (NASDAQ:XXII) from a sell rating to a hold rating in a research note released on Wednesday.

22nd Century Group Stock Performance

Shares of NASDAQ XXII opened at $0.57 on Wednesday. The firm has a market cap of $4.68 million, a PE ratio of -0.01 and a beta of 1.38. 22nd Century Group has a one year low of $0.53 and a one year high of $35.20. The firm has a fifty day moving average of $0.71 and a 200 day moving average of $12.43.

22nd Century Group (NASDAQ:XXII) last issued its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($1.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.28) by $3.56. 22nd Century Group had a negative net margin of 275.12% and a negative return on equity of 380.39%. The firm had revenue of $6.47 million for the quarter, compared to analyst estimates of $7.86 million.

Institutional Investors Weigh In On 22nd Century Group

An institutional investor recently raised its position in 22nd Century Group stock. Anson Funds Management LP raised its holdings in 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,577,814 shares of the biotechnology company’s stock after acquiring an additional 3,399,323 shares during the period. Anson Funds Management LP owned approximately 83.28% of 22nd Century Group worth $789,000 at the end of the most recent quarter. 18.06% of the stock is currently owned by hedge funds and other institutional investors.

22nd Century Group Company Profile

22nd Century Group, Inc, a tobacco products company, engages in the sale and distribution of its own proprietary new reduced nicotine tobacco products. The company offers reduced nicotine content tobacco plants and very low nicotine combustible cigarette products. It also provides contract manufacturing services for conventional combustible tobacco products for third-party brands.