In a report released today, James McIlree from Chardan Capital reiterated a Buy rating on 22nd Century (XXII), with a price target of $11.50. The company’s shares closed yesterday at $2.
McIlree observed:
“We believe movement on all three of these items is likely before year-end, but action by government entities is often delayed and out of the company’s control. To mitigate the timing risk of FDA action, the company has taken modest initiatives in the hemp market that could provide catalysts for the shares this year. We believe additional investments by 22nd Century in this market is likely.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.7% and a 40.5% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and KEYW Holding.
22nd Century has an analyst consensus of Moderate Buy, with a price target consensus of $11.50.
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The company has a one-year high of $3.29 and a one-year low of $1.58. Currently, 22nd Century has an average volume of 1.44M.
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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.
