22nd Century Group (NASDAQ:XXII) Stock Falls From The Recent High
Shares of 22nd Century Group (NASDAQ:XXII) ended lower on Friday and closed with a weekly loss of 5%.
Market Stats
On Friday, XXII stock fell 1.38% at $2.86 with more than 2.37 million shares, compared to its average volume of 1.48 million shares. The stock has moved within a range of $2.7700 – 2.9500 after opening trading at $2.89.
22nd Century Group Announces CFO Transition
One of the leading agricultural biotechnology companies, 22nd Century Group (NASDAQ:XXII), which focuses on tobacco harm reduction, reduced nicotine tobacco, and improving health and wellness through modern plant science, has made a major announcement on November 19, 2021. Richard Fitzgerald has been appointed as the Chief Financial Officer, with his term effective from November 15, 2021.
Former Chief Financial Officer, John Franzino, now assumes the role of Chief Administrative Officer. He is to undertake further development of the company’s business processes, while heading their financial planning and analysis, operational finance, human resources, and information technology functions.
James A. Mish, CEO at 22nd Century Group, says that it is an important phase for the company, as they are building their leadership team, especially with the pending MRTP authorization and international launch of their VLN product. They are thrilled to welcome Richard Fitzgerald on board, as his expertise will prove to be valuable for expanding financial and strategic capabilities. He has years of experience in IP and technology licensing in the life science industry.
Richard Fitzgerald also looks forward to how the company grows with a vital change in their revenue model, via the launch of the disruptive VLN product and monetization of its highly differentiated hemp/cannabis portfolio through both IP and plant line revenues.
Key Quote
“This is a pivotal time for 22nd Century as we build out our leadership team, particularly with the pending MRTP authorization and international launch of our VLN® product,” said James A. Mish, chief executive officer at 22nd Century Group. “We are excited to welcome Rich to the team, expanding our financial and strategic capabilities as we work to rapidly scale the business across all three of our plant franchises. Rich brings a diverse background, including extensive experience in IP and technology licensing in the life science industry, which we believe is timely as we execute on our key launch programs in tobacco, hemp/cannabis and hops.”
Traders Corner
XXII stock is trading below the 20-Day and 50-Day Moving averages of $2.98 and $2.98 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.58. The stock is down 1% in the past month.