StockNews.com Initiates Coverage on 22nd Century Group (NASDAQ:XXII)

Posted by Trevor Kearing on Sep 27th, 2024

Equities research analysts at StockNews.com initiated coverage on shares of 22nd Century Group (NASDAQ:XXII – Get Free Report) in a research note issued on Thursday. The firm set a “sell” rating on the biotechnology company’s stock.

22nd Century Group Price Performance

Shares of XXII opened at $0.23 on Thursday. The company has a 50-day moving average of $0.48 and a two-hundred day moving average of $4.27. The stock has a market cap of $1.89 million, a price-to-earnings ratio of 0.00 and a beta of 1.41. 22nd Century Group has a one year low of $0.22 and a one year high of $16.00.

22nd Century Group (NASDAQ:XXII – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The biotechnology company reported ($0.36) earnings per share for the quarter. The business had revenue of $7.95 million for the quarter. 22nd Century Group had a negative net margin of 275.12% and a negative return on equity of 380.39%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in 22nd Century Group stock. Anson Funds Management LP boosted its holdings in shares of 22nd Century Group, Inc. (NASDAQ:XXII – Free Report) by 106.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,577,814 shares of the biotechnology company’s stock after purchasing an additional 3,399,323 shares during the quarter. Anson Funds Management LP owned about 83.28% of 22nd Century Group worth $789,000 at the end of the most recent quarter. 18.06% of the stock is owned by hedge funds and other institutional investors.

About 22nd Century Group

(Get Free Report)

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.