(Photo Credit - Rob Hurson)
An insider at 22nd Century Group, Inc. (NYSE:XXII) submitted a Form 4 to the SEC for a recent sale of XXII shares, often considered to be a bearish signal for companies.
Related: 7 Key Takeaways from XXII's Q2 Earnings Release
Officers and directors of publicly traded companies have the most complete picture of what is going on inside of their organization. Therefore, their transactions in their own company's stock becomes a useful signal for traders and investors to track.
Insider Selling by VP of Research & Development
The Vice President of R&D for 22nd Century Group, Dr. Michael Moynihan, has filed a Statement of Changes in Beneficial Ownership (Form 4) with the SEC on August 2nd to report selling in XXII. On July 31st, Dr. Moynihan sold 29,532 shares of XXII at a price of $2.00 per share. As of the writing of this article, shares of XXII are trading slightly higher at $2.04 per share. Earlier this week, shares of XXII traded as high as $2.84 per share following an FDA announcement.
The sale amounted to an divestment of $59,064. Following the transactions, Dr. Moynihan beneficially owns 917,220 more shares of XXII. While the stock sale was part of an automatic 10b-5(1) selling plan set up back in 2015, we believe that any and all insider transactions are worth watching.
To learn more about 22nd Century Group, Inc., be sure to check out the company's profile in our marijuana stocks database. Also, be sure to subscribe to one or more of our free newsletters so you never miss an important update. If you haven't already, connect with The Daily Marijuana Observer on Facebook, Twitter, and Instagram.