Chardan Capital analyst James McIlree reiterated a Buy rating on 22nd Century (XXII) yesterday and set a price target of $11.50. The company’s shares closed on Friday at $1.86, close to its 52-week low of $1.58.
McIlree noted:
“We expect the company to continue to focus on its PMTA and MRTP applications with the FDA, working to bring the nicotine NPRM to fruition and building a position in the hemp market.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.7% and a 40.4% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and Arcimoto Inc.
22nd Century has an analyst consensus of Moderate Buy, with a price target consensus of $11.50.
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Based on 22nd Century’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.07 million. In comparison, last year the company had a GAAP net loss of $6.74 million.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock.
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22nd Century Group, Inc. is a plant biotechnology company, which engages in the development of technology that will allow to increase or decrease the level of nicotine and nicotinic alkaloids in tobacco plants and levels of cannabinoids in cannabis plants through genetic engineering and plant breeding.
