22nd Century Group (NASDAQ:XXII) Trading Down 29.2% – Here’s What Happened

22nd Century Group, Inc (NASDAQ:XXII) traded down 29.2% on Tuesday . The stock traded as low as $0.3557 and last traded at $0.3650. 2,883,478 shares changed hands during mid-day trading, an increase of 503% from the average session volume of 478,555 shares. The stock had previously closed at $0.5159.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered 22nd Century Group from a “sell (e+)” rating to a “sell (e)” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

22nd Century Group Stock Performance

The company has a market cap of $1.63 million, a P/E ratio of 0.00 and a beta of 0.63. The company has a 50 day moving average price of $1.28 and a 200-day moving average price of $6.66. The company has a quick ratio of 2.12, a current ratio of 2.67 and a debt-to-equity ratio of 0.02.

22nd Century Group (NASDAQ:XXII) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($5.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($3.87). 22nd Century Group had a negative return on equity of 84.37% and a negative net margin of 25.34%.The business had revenue of $4.11 million during the quarter, compared to the consensus estimate of $4.61 million.

Institutional Inflows and Outflows

An institutional investor recently raised its position in 22nd Century Group stock. Anson Funds Management LP lifted its holdings in 22nd Century Group, Inc (NASDAQ:XXII) by 677.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 763,212 shares of the biotechnology company’s stock after purchasing an additional 665,000 shares during the quarter. Anson Funds Management LP owned 149.65% of 22nd Century Group worth $588,000 as of its most recent filing with the SEC. Institutional investors own 18.06% of the company’s stock.

22nd Century Group Company Profile

22nd Century Group, Inc, founded in 1998 and headquartered in New York, is a plant biotechnology company that applies proprietary breeding and gene modulation technologies to tobacco, hemp and related plant species. The company’s core mission is to develop and commercialize plant-based solutions that address public health, consumer wellness and agronomic needs. Its flagship reduced nicotine tobacco platform is engineered to deliver significantly lower levels of nicotine than conventional tobacco products while retaining the sensory characteristics sought by adult smokers.

Through its branded reduced nicotine tobacco products, marketed under the NEXT Generation™ portfolio, and its GenCanna® subsidiary focused on hemp cultivation and cannabinoid extraction, 22nd Century serves both commercial markets and contract research clients.