Chardan Capital reiterated their buy rating on shares of 22nd Century Group (NYSEAMERICAN:XXII) in a research report released on Wednesday, May 8th, TipRanks reports. They currently have a $11.50 target price on the biotechnology company’s stock.
“We expect the Q1 rate to continue over the coming quarters. Cash at quarter end was $52 million, or almost 4 years of cash at the company’s current burn rate. However, investments in the hemp market, (see below), will lower the company’s cash balances modestly. Below the operating line, the company recognized a $3.0 million unrealized gain on the increase in value of its almost 1 million warrants of Aurora Cannabis. Aurora purchased the company’s stake in a combination of stock and warrants. All of the shares of Aurora were sold, but 22nd Century retained the warrants. In US dollars, Aurora trades at $8.60 per share and the exercise price of the warrants is $7.01 per share. The company is investing in the hemp market.”,” Chardan Capital’s analyst commented.
Separately, TheStreet downgraded shares of 22nd Century Group from a c- rating to a d+ rating in a research report on Friday, March 29th.
22nd Century Group (NYSEAMERICAN:XXII) last issued its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $6.29 million for the quarter.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Genesee Capital Advisors LLC purchased a new position in shares of 22nd Century Group during the 1st quarter valued at $43,000. Charter Trust Co. lifted its stake in 22nd Century Group by 17.6% in the 1st quarter. Charter Trust Co. now owns 86,725 shares of the biotechnology company’s stock worth $148,000 after purchasing an additional 13,000 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in 22nd Century Group by 52.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 18,348 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 6,323 shares in the last quarter. Cetera Advisors LLC lifted its stake in 22nd Century Group by 24.2% in the 1st quarter. Cetera Advisors LLC now owns 34,300 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 6,685 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan lifted its stake in 22nd Century Group by 37.5% in the 1st quarter. NJ State Employees Deferred Compensation Plan now owns 220,000 shares of the biotechnology company’s stock worth $376,000 after purchasing an additional 60,000 shares in the last quarter.
22nd Century Group Company Profile
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 research cigarettes for use in independent clinical studies.
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