22nd Century Group (NASDAQ:XXII) Shares Down 29.2% – Here’s Why

22nd Century Group, Inc (NASDAQ:XXII) shares traded down 29.2% during mid-day trading on Tuesday . The company traded as low as $0.3557 and last traded at $0.3650. 2,883,478 shares traded hands during trading, an increase of 503% from the average session volume of 478,555 shares. The stock had previously closed at $0.5159.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of 22nd Century Group from a “sell (e+)” rating to a “sell (e)” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

22nd Century Group Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.67 and a quick ratio of 2.12. The company’s 50-day simple moving average is $1.24 and its 200-day simple moving average is $6.58. The company has a market cap of $1.41 million, a price-to-earnings ratio of 0.00 and a beta of 0.63.

22nd Century Group’s stock is set to reverse split before the market opens on Friday, June 12th. The 1-20 reverse split was announced on Monday, June 8th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, June 10th.

22nd Century Group (NASDAQ:XXII) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($101.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($24.00) by ($77.40). 22nd Century Group had a negative net margin of 25.34% and a negative return on equity of 84.37%. The firm had revenue of $4.11 million during the quarter, compared to analyst estimates of $4.61 million.

Hedge Funds Weigh In On 22nd Century Group

A hedge fund recently bought a new stake in 22nd Century Group stock. Geode Capital Management LLC bought a new stake in shares of 22nd Century Group, Inc (NASDAQ:XXII) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 46,491 shares of the biotechnology company’s stock, valued at approximately $36,000. Geode Capital Management LLC owned about 9.12% of 22nd Century Group at the end of the most recent quarter. Institutional investors own 18.06% of the company’s stock.

About 22nd Century Group

22nd Century Group, Inc, founded in 1998 and headquartered in New York, is a plant biotechnology company that applies proprietary breeding and gene modulation technologies to tobacco, hemp and related plant species. The company’s core mission is to develop and commercialize plant-based solutions that address public health, consumer wellness and agronomic needs. Its flagship reduced nicotine tobacco platform is engineered to deliver significantly lower levels of nicotine than conventional tobacco products while retaining the sensory characteristics sought by adult smokers.

Through its branded reduced nicotine tobacco products, marketed under the NEXT Generation™ portfolio, and its GenCanna® subsidiary focused on hemp cultivation and cannabinoid extraction, 22nd Century serves both commercial markets and contract research clients.