Today, Chardan's James McIlree reiterated a 'buy' rating on shares of 22nd Century Group, Inc. (NYSE:XXII) alongside a price target of $11.50 per share. With a last trade price of $2.86 for shares of XXII, this price target represents over 300% potential upside.
The report calls 22nd Century Group "the solution to big tobacco's $30B problem." Chardan's "$11.50 price target is based on the company garnering royalty revenue for its technology on 10% of the US market share in the next five years." Risks to achieving the target price include "delays in the FDA process, ability to find partners for X-22, challenges in attracting contract manufacturing and selling product overseas and possibility of requiring additional capital."
Those interested in reading the full 22nd Century Group analyst research report from Chardan, it is available for viewing and download here.
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