Yesterday, 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. While the term fake news is usually used by President Trump, it's the most fitting term to describe some of the XXII-related articles we've seen floating around today.
The report called 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."
Today, many investors are being confused and mislead by a handful of illegitimate financial news sites publishing articles claiming that Chardan lowered its price target today from $11.50 per share to $3.50 per share. Sites publishing this $3.50 price target today include StockNewsTimes.com, TheStreetPoint.com, and more.
We wanted to step in to clear the air. Chardan's price target for 22nd Century Group, Inc. is in fact $11.50 per share. Don't take our word for it though! Below is a screenshot of an e-mail received just 3 hours ago from Kaitlynn Alico, Investor Relations Coordinator for 22nd Century Group, confirming the $11.50 per share price target assigned by Chardan.
The $3.50 price target was actually Chardan's price target for share of XXII back on August 10th, when analyst James McIlree, CFA issued a follow-up report to the company's strong Q2 financial results.
To read the most recent report from Chardan click here.
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