The shares of plant biotechnology company 22nd Century Group, Inc. (NYSE: XXII) are experiencing a slight decline in premarket sessions today. But during trading on Wednesday, 22nd Century Group stock gained 14.46%, reaching as low as $4.76 while hitting a high of $5.74.
In the trading session, 12.43 million shares of XXII stock were traded, which is an increase 163.96% when compared to the average session volume of 4.71 million shares. The XXII stock closed its last session trading at $5.62. XXII stock surged in the absence of any relevant news, but recent moves could shed more light on its potential. But today’s falling pre-market price clearly indicates stock being victim of profit-taking.
What happened recently?
22nd Century Group is a biotechnology company that specializes in tailoring plants’ levels of nicotine and cannabinoids through breeding, gene editing, and genetic engineering. This week, 22nd Century Group said it has fulfilled a research cigarette order of 3.6 million of its variable nicotine content cigarettes.
Researchers at the U.S. Food and Drug Administration (FDA) and other federal agencies will use these research cigarettes for important independent, scientific studies. The research completed using XXII’s variably nicotine cigarettes has shown the significance of implementing national standards requiring cigarettes to contain minimal levels or non-addictive amounts of nicotine.
A goal already achieved by XXII:
The primary objective of 22nd Century Group (XXII) in the tobacco market is to minimize smoke-related harm through the use of specially formulated tobacco cigarettes which contain 95% less nicotine than the conventional cigarettes, which helped XXII achieve this ambitious goal of “minimally or non-addictive” level with its less nicotine cigarettes.