22nd Century Group (NYSEAMERICAN:XXII) Stock Rating Lowered by Zacks Investment Research

22nd Century Group (NYSEAMERICAN:XXII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Zacks.com reports.

According to Zacks, “22nd Century Group, Inc. is a plant biotechnology company focused on decreasing/increasing the level of nicotine in the tobacco plant through genetic engineering and breeding. The Company is focused on development of smoking cessation aid and owns and controls several patents. The company’s products include X-22, a prescription smoking cessation aid, which is a tobacco-based botanical medical product for use as a smoking cessation therapy. 22nd Century Group, Inc. is based in Williamsville, New York. “

Separately, Chardan Capital set a $12.00 price target on 22nd Century Group and gave the company a “buy” rating in a research report on Sunday, July 21st.

Shares of 22nd Century Group stock traded down $0.02 on Friday, reaching $2.04. 715,160 shares of the company were exchanged, compared to its average volume of 1,439,104. 22nd Century Group has a fifty-two week low of $1.12 and a fifty-two week high of $3.12.

22nd Century Group (NYSEAMERICAN:XXII) last announced its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter. The firm had revenue of $5.82 million during the quarter.

In other 22nd Century Group news, insider Clifford B. Fleet purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average cost of $1.90 per share, with a total value of $190,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

A number of large investors have recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC grew its stake in 22nd Century Group by 116.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 13,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 7,000 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in 22nd Century Group in the second quarter valued at about $38,000. HighTower Advisors LLC grew its stake in 22nd Century Group by 82.0% in the second quarter. HighTower Advisors LLC now owns 20,841 shares of the biotechnology company’s stock valued at $43,000 after purchasing an additional 9,391 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in 22nd Century Group by 129.1% in the second quarter. Parametric Portfolio Associates LLC now owns 36,427 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 20,529 shares in the last quarter. Finally, LPL Financial LLC grew its stake in 22nd Century Group by 71.2% in the second quarter. LPL Financial LLC now owns 50,495 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 21,000 shares in the last quarter.

About 22nd Century Group

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.

See Also: What is Blockchain?

Get a free copy of the Zacks research report on 22nd Century Group (XXII)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for 22nd Century Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 22nd Century Group and related companies with MarketBeat.com's FREE daily email newsletter.