22nd Century Group (NASDAQ:XXII) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of 22nd Century Group (NASDAQ:XXII) in a research report issued to clients and investors on Friday. The brokerage set a “sell” rating on the biotechnology company’s stock.

22nd Century Group Price Performance

Shares of XXII opened at $0.26 on Friday. 22nd Century Group has a 52-week low of $0.24 and a 52-week high of $18.24. The firm has a market capitalization of $2.41 million, a PE ratio of 0.00 and a beta of 1.41. The firm has a 50-day moving average price of $0.54 and a 200 day moving average price of $5.32.

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

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 its most recent 13F 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 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. 18.06% of the stock is owned by institutional investors and hedge funds.

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.