Alliance Global Partners Lowers 22nd Century Group (NASDAQ:XXII) Price Target to $3.00

22nd Century Group (NASDAQ:XXII – Get Rating) had its price objective reduced by equities research analysts at Alliance Global Partners from $4.00 to $3.00 in a report released on Friday, The Fly reports. Alliance Global Partners’ target price would indicate a potential upside of 246.58% from the stock’s previous close.

22nd Century Group Price Performance

Shares of XXII opened at $0.87 on Friday. 22nd Century Group has a 1-year low of $0.82 and a 1-year high of $2.70. The company has a 50-day moving average of $0.99 and a 200 day moving average of $1.09. The firm has a market capitalization of $186.36 million, a price-to-earnings ratio of -2.98 and a beta of 1.84.

Institutional Investors Weigh In On 22nd Century Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in 22nd Century Group by 18.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,457,121 shares of the biotechnology company’s stock worth $9,696,000 after purchasing an additional 1,615,666 shares during the last quarter. Marshall Wace LLP acquired a new position in 22nd Century Group during the third quarter worth $1,418,000. Renaissance Technologies LLC purchased a new stake in shares of 22nd Century Group during the third quarter worth $520,000. BlackRock Inc. grew its holdings in shares of 22nd Century Group by 3.1% during the third quarter. BlackRock Inc. now owns 10,272,783 shares of the biotechnology company’s stock worth $9,525,000 after buying an additional 305,669 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of 22nd Century Group in the fourth quarter valued at about $274,000. Institutional investors own 20.63% of the company’s stock.

22nd Century Group Company Profile

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22nd Century Group, Inc is a biotechnology company, which develops disruptive plant-based solutions the for life science, consumer product, and pharmaceutical markets. It focuses on technologies that alter the level of nicotine in tobacco plants and the level of cannabinoids in hemp or cannabis plants through genetic engineering, gene-editing, and modern plant breeding techniques.