Shares of 22nd Century Group Inc (NYSEAMERICAN:XXII) were up 6.3% on Tuesday . The stock traded as high as $3.07 and last traded at $3.02. Approximately 3,122,002 shares traded hands during trading, an increase of 24% from the average daily volume of 2,526,057 shares. The stock had previously closed at $2.84.
Separately, Zacks Investment Research cut shares of 22nd Century Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th.
22nd Century Group (NYSEAMERICAN:XXII) last issued its earnings results on Tuesday, August 7th. The biotechnology company reported ($0.05) EPS for the quarter. 22nd Century Group had a negative net margin of 73.20% and a negative return on equity of 50.30%. The firm had revenue of $6.92 million during the quarter.
Several hedge funds have recently modified their holdings of XXII. Metropolitan Life Insurance Co. NY purchased a new stake in 22nd Century Group during the second quarter valued at about $102,000. Voya Investment Management LLC purchased a new stake in 22nd Century Group in the second quarter valued at $106,000. Verition Fund Management LLC purchased a new stake in 22nd Century Group in the first quarter valued at $113,000. MetLife Investment Advisors LLC purchased a new stake in 22nd Century Group in the second quarter valued at $145,000. Finally, Bank of Nova Scotia purchased a new stake in 22nd Century Group in the second quarter valued at $158,000.
About 22nd Century Group (NYSEAMERICAN:XXII)
22nd Century Group, Inc, a plant biotechnology company, provides technology that allows increasing or decreasing the level of nicotine and other nicotinic alkaloids in tobacco plants, and cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. It offers premium cigarettes under the RED SUN and MAGIC brands; and SPECTRUM, a line of research cigarettes for use in independent clinical studies.
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