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

Equities research analysts at StockNews.com assumed coverage on shares of 22nd Century Group (NASDAQ:XXII) in a report released on Sunday. The firm set a “sell” rating on the biotechnology company’s stock.

22nd Century Group Stock Performance

NASDAQ XXII opened at $0.11 on Friday. The stock has a market cap of $870,660.00, a price-to-earnings ratio of 0.00 and a beta of 1.39. 22nd Century Group has a 12 month low of $0.09 and a 12 month high of $8.81. The company’s 50 day moving average is $0.31 and its two-hundred day moving average is $0.83.

22nd Century Group (NASDAQ:XXII) last released its earnings results on Tuesday, August 13th. The biotechnology company reported ($0.36) earnings per share for the quarter. The firm 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 Investors Weigh In On 22nd Century Group

An institutional investor recently raised its position in 22nd Century Group stock. Anson Funds Management LP grew its position in 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 83.28% of 22nd Century Group worth $789,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 18.06% of the stock is currently owned by hedge funds and other institutional investors.

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.