22nd Century Group (NASDAQ:XXII) Upgraded to Hold at StockNews.com

22nd Century Group (NASDAQ:XXII) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

22nd Century Group Trading Down 11.5 %

NASDAQ:XXII traded down $0.08 during trading hours on Wednesday, reaching $0.62. The company had a trading volume of 636,662 shares, compared to its average volume of 765,838. 22nd Century Group has a 52 week low of $0.58 and a 52 week high of $35.52. The firm has a market cap of $5.10 million, a price-to-earnings ratio of -0.01 and a beta of 1.38. The firm’s 50 day moving average price is $0.72 and its 200-day moving average price is $12.84.

22nd Century Group (NASDAQ:XXII) last issued its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($1.72) earnings per share for the quarter, topping the consensus estimate of ($5.28) by $3.56. 22nd Century Group had a negative net margin of 233.06% and a negative return on equity of 380.39%. The business had revenue of $6.47 million for the quarter, compared to analysts’ expectations of $7.86 million.

Institutional Trading of 22nd Century Group

A hedge fund recently raised its stake in 22nd Century Group stock. Anson Funds Management LP boosted its position in shares of 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% during the 1st 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 purchasing an additional 3,399,323 shares during the period. Anson Funds Management LP owned about 83.28% of 22nd Century Group worth $789,000 as of its most recent SEC filing. 18.06% of the stock is currently 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.