22nd Century Group, Inc. (NASDAQ:XXII) Sees Significant Growth in Short Interest

22nd Century Group, Inc. (NASDAQ:XXII) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 651,300 shares, a growth of 195.8% from the September 30th total of 220,200 shares. Approximately 1.8% of the company’s stock are short sold. Based on an average daily volume of 6,180,000 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Investors Weigh In On 22nd Century Group

A hedge fund recently raised its stake in 22nd Century Group stock. Anson Funds Management LP increased its stake in 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,577,814 shares of the biotechnology company’s stock after purchasing an additional 3,399,323 shares during the period. Anson Funds Management LP owned 83.28% of 22nd Century Group worth $789,000 as of its most recent filing with the Securities & Exchange Commission. 18.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of 22nd Century Group in a report on Saturday. They issued a “sell” rating on the stock.

22nd Century Group Stock Up 5.1 %

Shares of XXII opened at $0.11 on Friday. The company has a 50 day moving average of $0.27 and a two-hundred day moving average of $0.78. 22nd Century Group has a twelve month low of $0.09 and a twelve month high of $8.63. The company has a market cap of $932,850.00, a price-to-earnings ratio of 0.00 and a beta of 1.39.

22nd Century Group (NASDAQ:XXII) last posted its quarterly earnings data 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 business had revenue of $7.95 million during the quarter.

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.