What's Going On With 22nd Century Stock?
Portfolio Pulse from Erica Kollmann
22nd Century Group, Inc. (NASDAQ:XXII) shares surged after CEO Lawrence Firestone bought 39,000 shares, and the company announced a $1.2 million agreement with North Carolina State University to fund intellectual property and research. The stock saw heavy trading volume, with shares up 53% to 41 cents.
September 13, 2024 | 4:50 pm
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22nd Century Group's stock surged 53% following CEO Lawrence Firestone's purchase of 39,000 shares and a strategic agreement with North Carolina State University. The deal, valued at over $1.2 million, aims to enhance the company's reduced nicotine content tobacco capabilities.
The CEO's purchase of shares is a strong insider signal, often interpreted as confidence in the company's future. Additionally, the agreement with NCSU strengthens the company's strategic position in reduced nicotine tobacco, a key area for growth. These factors, combined with heavy trading volume, suggest a positive short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100