22nd Century (XXII) stock rocketed higher on Thursday after the tobacco company announced new partnerships for its low-nicotine cigarettes. The company has teamed up with Smoker Friendly and Pinnacle for the sale of its unique cigarettes, which are designed to reduce the harmful effects of smoking normal cigarettes. This includes weaning smokers off normal cigarettes and helping them stop smoking.
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To go along with this, 22nd Century cigarettes are compliant with the U.S. Food and Drug Administration’s proposed new Tobacco Product Standard for Nicotine Yield of Cigarettes and Certain Other Combusted Tobacco Products.
22nd Century CEO Larry Firestone said, “The FDA’s new product standard proposed in January is one of many factors that are driving early commercial interest in our VLN reduced nicotine content tobacco products.”
22nd Century Stock Movement Today
XXII stock was up 86.035% in pre-market trading on Thursday, following a 3.58% drop yesterday. The stock has also fallen 96.25% year to date and 99.83% over the past 12 months. Today’s rally came with heavy trading, as some 10 million shares changed hands, compared to a three-month daily average of about 94,000 units.
Is 22nd Century Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of 22nd Century is lacking. Luckily, TipRanks’ AI analyst Spark has it covered. Spark rates XXII stock a Neutral (44) with a $5 price target, suggesting a potential 9.17% upside for the shares. It cites “weak financial performance and bearish technical indicators” as reasons for this stance.
