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Highlights
- FDA has authorized 22nd Century to market its cigarettes as low in nicotine.
- The stock jumped over 38% after the announcement.
- The 22nd Century stock gave gained over 41% YTD.
Shares of 22nd Century Group, Inc. (NASDAQ:XXII) were in focus after receiving FDA authorization to market its cigarettes as low in nicotine.
The US Food and Drug Administration (FDA) on Thursday gave its nod to 22nd Century to market its cigarette brands VLN King and VLN Menthol as low-nicotine products. These brands were already sold in the market, but now Century can promote them as low-nicotine cigarettes.
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The Williamsville, New York-based 22nd Century is a leading tobacco company that specializes in technologies that can alter the nicotine levels in tobacco products.
Announcing the decision, FDA director for tobacco products Mitch Zeller said that three out of four adult smokers want to quit smoking and Century's products might help them quit.
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22nd Century Group, Inc. (NASDAQ:XXII) stock performance, financial highlights
The stock closed at US$3.05 on Thursday, Dec 23, up 38.64% from its previous close. It has a market cap of US$496.38 million, a forward P/E one year of -12.94. The EPS is US$-0.17.
The stock saw the highest price of US$6.07 and the lowest price of US$1.86 in the last 52 weeks. Its trading volume was 77,540,800 on Dec 23.
Its net sales were US$7.8 million in Q3, FY21, an increase of 6.9% YoY. Its net loss was US$9.44 million, or US$0.06 per share, against a loss of US$4.13 million, or US$0.03 per share a year ago.
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Bottomline
Century has been selling Spectrum branded cigarettes with varying nicotine levels for many years as part of government-funded research on tobacco and addiction.
The Century stock gave a return of 41.2% YTD.
