Shares of 22nd Century Group Inc (NYSEAMERICAN:XXII) dropped 6.3% during mid-day trading on Thursday . The company traded as low as $2.54 and last traded at $2.54. Approximately 1,424,759 shares changed hands during trading, a decline of 43% from the average daily volume of 2,520,996 shares. The stock had previously closed at $2.71.

Separately, Zacks Investment Research cut 22nd Century Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th.

22nd Century Group (NYSEAMERICAN:XXII) last issued its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported ($0.05) earnings per share for the quarter. The business had revenue of $6.92 million for the quarter. 22nd Century Group had a negative return on equity of 50.30% and a negative net margin of 73.20%.

In other news, VP Thomas L. James sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $2.44, for a total transaction of $122,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Several institutional investors and hedge funds have recently modified their holdings of XXII. BlackRock Inc. boosted its holdings in shares of 22nd Century Group by 162.0% in the 2nd quarter. BlackRock Inc. now owns 7,361,866 shares of the biotechnology company’s stock valued at $18,110,000 after buying an additional 4,551,911 shares during the last quarter. ETF Managers Group LLC boosted its holdings in shares of 22nd Century Group by 162.6% in the 1st quarter. ETF Managers Group LLC now owns 1,741,659 shares of the biotechnology company’s stock valued at $4,093,000 after buying an additional 1,078,394 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of 22nd Century Group by 362.4% in the 1st quarter. Millennium Management LLC now owns 1,258,191 shares of the biotechnology company’s stock valued at $2,957,000 after buying an additional 986,118 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of 22nd Century Group by 200.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 337,281 shares of the biotechnology company’s stock valued at $830,000 after buying an additional 225,039 shares during the last quarter. Finally, Tibra Equities Europe Ltd acquired a new stake in shares of 22nd Century Group in the 1st quarter valued at approximately $593,000.

22nd Century Group Company Profile (NYSEAMERICAN:XXII)

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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