22nd Century Group (NYSEAMERICAN:XXII)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a note issued to investors on Friday. They currently have a $11.50 price objective on the biotechnology company’s stock. Chardan Capital’s price target would indicate a potential upside of 469.31% from the company’s previous close.
The analysts wrote, “We believe it is most likely the NPRM on mandating a non-addictive level of nicotine in combustible cigarettes will wait for a new Commissioner.””
Separately, TheStreet upgraded shares of 22nd Century Group from a “d” rating to a “c-” rating in a report on Monday, November 26th.
Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp grew its stake in 22nd Century Group by 450.1% in the 2nd quarter. Northern Trust Corp now owns 1,270,600 shares of the biotechnology company’s stock valued at $3,125,000 after acquiring an additional 1,039,608 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of 22nd Century Group by 19.0% during the 3rd quarter. Wells Fargo & Company MN now owns 260,723 shares of the biotechnology company’s stock worth $733,000 after purchasing an additional 41,664 shares during the last quarter. BlackRock Inc. boosted its stake in shares of 22nd Century Group by 8.2% during the 3rd quarter. BlackRock Inc. now owns 7,962,834 shares of the biotechnology company’s stock worth $22,375,000 after purchasing an additional 600,968 shares during the last quarter. Virtu Financial LLC boosted its stake in shares of 22nd Century Group by 114.6% during the 3rd quarter. Virtu Financial LLC now owns 117,254 shares of the biotechnology company’s stock worth $329,000 after purchasing an additional 62,610 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of 22nd Century Group during the 3rd quarter worth about $227,000.
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, a line of research cigarettes for use in independent clinical studies.
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