22nd Century Group, Inc. (NASDAQ:XXII) CEO Lawrence Firestone Purchases 39,000 Shares

22nd Century Group, Inc. (NASDAQ:XXII) CEO Lawrence Firestone purchased 39,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was bought at an average price of $0.27 per share, with a total value of $10,530.00. Following the acquisition, the chief executive officer now directly owns 54,250 shares in the company, valued at $14,647.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

22nd Century Group Stock Down 5.2 %

NASDAQ XXII opened at $0.27 on Friday. The business has a 50 day moving average price of $0.59 and a 200 day moving average price of $7.11. 22nd Century Group, Inc. has a 1-year low of $0.26 and a 1-year high of $23.20.

22nd Century Group (NASDAQ:XXII) last announced its quarterly earnings results on Tuesday, August 13th. The biotechnology company reported ($0.36) earnings per share for the quarter. The firm had revenue of $7.95 million during the quarter. 22nd Century Group had a negative net margin of 275.12% and a negative return on equity of 380.39%.

Hedge Funds Weigh In On 22nd Century Group

An institutional investor recently raised its position in 22nd Century Group stock. Anson Funds Management LP raised its stake in 22nd Century Group, Inc. (NASDAQ:XXII) by 106.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,577,814 shares of the biotechnology company’s stock after acquiring an additional 3,399,323 shares during the quarter. Anson Funds Management LP owned approximately 83.28% of 22nd Century Group worth $789,000 at the end of the most recent quarter. Institutional investors and hedge funds own 18.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of 22nd Century Group in a report on Sunday, September 8th. They issued a “sell” rating for the company.

About 22nd Century Group

22nd Century Group, Inc, a tobacco products company, engages in the sale and distribution of its own proprietary new reduced nicotine tobacco products. The company offers reduced nicotine content tobacco plants and very low nicotine combustible cigarette products. It also provides contract manufacturing services for conventional combustible tobacco products for third-party brands.