22nd Century Group (XXII) Rating Reiterated by Chardan Capital

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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.

22nd Century Group stock traded down $0.04 during trading hours on Friday, reaching $2.02. 65,580 shares of the stock were exchanged, compared to its average volume of 1,975,063. 22nd Century Group has a 52-week low of $1.58 and a 52-week high of $3.29.

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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