Chardan Capital analyst James McIlree reiterated a Buy rating on 22nd Century (XXII) today and set a price target of $11.50. The company’s shares closed yesterday at $2.19.
McIlree said:
“We believe 22nd Century’s application is considerably less complex and approval this summer or before year end is possible. We believe these applications will be an important tool the FDA can use to justify and support the NPRM we expect to be issued. The FDA has been consistent and clear that it wants to implement a rule that would lower nicotine in combustible cigarettes to non-addictive levels. One major objection industry has made is a claim that technology is not available to accomplish this objective. Century’s PMTA and MRTP would counter this objection and justify the FDA’s rule change.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.3% and a 43.4% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and KEYW Holding.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for 22nd Century with a $11.50 average price target.
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Based on 22nd Century’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $8.92 million. In comparison, last year the company had a net profit of $1.39 million.
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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.
