Short Interest in 22nd Century Group, Inc (NASDAQ:XXII) Drops By 34.0%

22nd Century Group, Inc (NASDAQ:XXII) was the target of a large drop in short interest in December. As of December 15th, there was short interest totaling 168,162 shares, a drop of 34.0% from the November 30th total of 254,700 shares. Based on an average daily volume of 187,666 shares, the days-to-cover ratio is currently 0.9 days. Approximately 2.4% of the company’s stock are sold short. Approximately 2.4% of the company’s stock are sold short. Based on an average daily volume of 187,666 shares, the days-to-cover ratio is currently 0.9 days.

22nd Century Group Trading Up 0.9%

Shares of 22nd Century Group stock opened at $0.87 on Monday. The company has a fifty day simple moving average of $1.13 and a 200-day simple moving average of $2.83. 22nd Century Group has a 12-month low of $0.78 and a 12-month high of $287.27. The stock has a market cap of $6.11 million, a price-to-earnings ratio of -0.02 and a beta of 1.11.

22nd Century Group (NASDAQ:XXII) last released its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($16.79) by $15.73. 22nd Century Group had a negative net margin of 37.64% and a negative return on equity of 184.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e)” rating on shares of 22nd Century Group in a research note on Monday, December 15th. Wall Street Zen raised 22nd Century Group from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, 22nd Century Group currently has an average rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in 22nd Century Group stock. Anson Funds Management LP raised its position in 22nd Century Group, Inc (NASDAQ:XXII) by 255.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 176,094 shares of the biotechnology company’s stock after buying an additional 126,536 shares during the quarter. Anson Funds Management LP owned approximately 7.47% of 22nd Century Group worth $254,000 as of its most recent filing with the Securities and Exchange Commission. 18.06% of the stock is owned by institutional investors.

About 22nd Century Group

22nd Century Group, Inc, founded in 1998 and headquartered in New York, is a plant biotechnology company that applies proprietary breeding and gene modulation technologies to tobacco, hemp and related plant species. The company’s core mission is to develop and commercialize plant-based solutions that address public health, consumer wellness and agronomic needs. Its flagship reduced nicotine tobacco platform is engineered to deliver significantly lower levels of nicotine than conventional tobacco products while retaining the sensory characteristics sought by adult smokers.

Through its branded reduced nicotine tobacco products, marketed under the NEXT Generation™ portfolio, and its GenCanna® subsidiary focused on hemp cultivation and cannabinoid extraction, 22nd Century serves both commercial markets and contract research clients.