In a report issued on July 1, James McIlree from Dawson James maintained a Buy rating on 22nd Century (XXII – Research Report), with a price target of $8.50. The company’s shares closed last Friday at $2.13.
According to TipRanks.com, McIlree ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -14.1% and a 32.7% success rate. McIlree covers the Technology sector, focusing on stocks such as Smith Micro Software, Byrna Technologies, and Oblong.
Currently, the analyst consensus on 22nd Century is a Strong Buy with an average price target of $6.75, which is a 221.4% upside from current levels. In a report issued on June 22, Roth Capital also maintained a Buy rating on the stock with a $6.00 price target.
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Based on 22nd Century’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.05 million and GAAP net loss of $8.92 million. In comparison, last year the company earned revenue of $6.81 million and had a GAAP net loss of $5.03 million.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is neutral on the stock. Most recently, in May 2022, Nora Sullivan, a Director at XXII bought 100,000 shares for a total of $139,000.
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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. Its products include X-22, modified risk cigarettes, spectrum government research cigarettes, magic 0 and magic 2, moonlight, red sun, variable nicotine-level research cigarettes, and verfola. The company was founded on September 12, 2005 and is headquartered in Clarence, NY.
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