Zacks Investment Research downgraded shares of 22nd Century Group Inc (NYSE:XXII) from a buy rating to a hold rating in a research note issued to investors on Friday.

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. “

Shares of 22nd Century Group (XXII) opened at 2.24 on Friday. 22nd Century Group has a 1-year low of $0.81 and a 1-year high of $2.84. The firm’s market cap is $230.18 million. The company’s 50-day moving average price is $1.90 and its 200 day moving average price is $1.46.

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In related news, VP Michael Robert Moynihan sold 29,532 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $2.00, for a total value of $59,064.00. Following the completion of the transaction, the vice president now owns 917,220 shares of the company’s stock, valued at $1,834,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of 22nd Century Group by 17.6% in the second quarter. Vanguard Group Inc. now owns 2,894,322 shares of the biotechnology company’s stock worth $5,065,000 after buying an additional 432,450 shares during the period. National Asset Management Inc. increased its position in shares of 22nd Century Group by 13.7% in the first quarter. National Asset Management Inc. now owns 172,000 shares of the biotechnology company’s stock worth $204,000 after buying an additional 20,700 shares during the period. Northern Trust Corp increased its position in shares of 22nd Century Group by 22.3% in the second quarter. Northern Trust Corp now owns 133,797 shares of the biotechnology company’s stock worth $234,000 after buying an additional 24,401 shares during the period. Finally, Virtu KCG Holdings LLC increased its position in shares of 22nd Century Group by 300.9% in the second quarter. Virtu KCG Holdings LLC now owns 126,106 shares of the biotechnology company’s stock worth $221,000 after buying an additional 94,650 shares during the period.

About 22nd Century Group

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