Dawson James analyst James McIlree maintained a Buy rating on 22nd Century (XXII – Research Report) on August 10 and set a price target of $8.50. The company’s shares closed last Friday at $1.82.
McIlree covers the Technology sector, focusing on stocks such as Vuzix, Smith Micro Software, and SRAX. According to TipRanks, McIlree has an average return of -13.1% and a 34.78% success rate on recommended stocks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for 22nd Century with a $5.88 average price target, implying a 223.08% upside from current levels. In a report released on August 9, Cowen & Co. also reiterated a Buy rating on the stock with a $5.00 price target.
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Based on 22nd Century’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $14.48 million and a GAAP net loss of $11.5 million. In comparison, last year the company earned a revenue of $8.37 million and had a GAAP net loss of $4.17 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 100,000.00 shares for a total of $139,000.00.
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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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