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

StockNews.com initiated coverage on shares of 22nd Century Group (NASDAQ:XXII) in a report published on Friday. The firm issued a sell rating on the biotechnology company’s stock.

22nd Century Group Stock Performance

Shares of NASDAQ:XXII opened at $0.11 on Friday. 22nd Century Group has a 52 week low of $0.09 and a 52 week high of $8.63. The firm’s fifty day moving average is $0.22 and its 200-day moving average is $0.72. The firm has a market cap of $3.31 million, a PE ratio of 0.00 and a beta of 1.45.

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

Institutional Investors Weigh In On 22nd Century Group

A hedge fund recently raised its stake in 22nd Century Group stock. Anson Funds Management LP raised its stake in 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & 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 quarter. Anson Funds Management LP owned approximately 83.28% of 22nd Century Group worth $789,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 18.06% of the company’s stock.

About 22nd Century Group

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.