Shares of 22nd Century Group Inc (NYSEAMERICAN:XXII) dropped 7.1% during trading on Wednesday . The company traded as low as $3.14 and last traded at $3.14. Approximately 4,752,300 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 6,976,650 shares. The stock had previously closed at $3.38.

XXII has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of 22nd Century Group from a “sell” rating to a “hold” rating and set a $3.00 target price for the company in a research note on Wednesday, October 18th. Chardan Capital lifted their target price on shares of 22nd Century Group from $3.50 to $11.50 and gave the stock a “buy” rating in a research note on Monday, October 16th.

The company has a market capitalization of $395.41, a P/E ratio of -25.46 and a beta of 3.03.

22nd Century Group (NYSEAMERICAN:XXII) last released its earnings results on Thursday, November 9th. The biotechnology company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The company had revenue of $4.53 million during the quarter, compared to analyst estimates of $5.09 million. 22nd Century Group had a negative return on equity of 50.30% and a negative net margin of 73.20%. The firm’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.03) earnings per share.

A number of hedge funds and other institutional investors have recently made changes to their positions in XXII. Vanguard Group Inc. increased its holdings in shares of 22nd Century Group by 17.6% during the 2nd quarter. Vanguard Group Inc. now owns 2,894,322 shares of the biotechnology company’s stock valued at $5,065,000 after purchasing an additional 432,450 shares in the last quarter. Northern Trust Corp increased its holdings in shares of 22nd Century Group by 22.3% during the 2nd quarter. Northern Trust Corp now owns 133,797 shares of the biotechnology company’s stock valued at $234,000 after purchasing an additional 24,401 shares in the last quarter. Virtu KCG Holdings LLC increased its holdings in shares of 22nd Century Group by 300.9% during the 2nd quarter. Virtu KCG Holdings LLC now owns 126,106 shares of the biotechnology company’s stock valued at $221,000 after purchasing an additional 94,650 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 22nd Century Group by 46.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 102,993 shares of the biotechnology company’s stock valued at $285,000 after purchasing an additional 32,773 shares in the last quarter. Finally, Advisor Group Inc. increased its holdings in shares of 22nd Century Group by 49.3% during the 3rd quarter. Advisor Group Inc. now owns 73,775 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 24,375 shares in the last quarter.

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About 22nd Century Group

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