22nd Century Group Inc (OTCBB:XXII) Still Soaring Through The Charts
The past week of trading was a great success for 22nd Century Group Inc (OTCBB:XXII) as their stock climbed 33% passing the $1 mark without the aid of any promotional campaigns and with a lack of press releases.
The last day of the week went extremely well for XXII‘s stock as it was marked with another candle pointing out an uprise in their stock’s price. The company’s stock was moving in an upward direction all week on below average volumes, which was also the case in Friday when they closed with 362 thousand shares that switched hands making the total trade value come at $365 thousand.
Being the day with highest volume for the week, Friday wen’t good price-wise also, as it registered the biggest jump for the week with the stock of XXII gaining a further 14%. The upward movement helped their stock to cross the $1 mark for the first time since the middle of March and third one this year, going from $0.919 at market open to $1.05. Will they be able to go further up or will they suffer the faith of InVivo Therapeutics Holdings Corp (OTCBB:NVIV) who fell after their last 5 day uprise and are now idle?
With the lack of press releases one might only suggest for how long this upward movement will continue. One thing, however, is certain and that is their financials. Let’s take a quick moment to check out the numbers of prime interest from their latest financial report covering the first quarter of this year.
- cash: $278 thousand
- total assets: $2.9 million
- current liabilities: $1.8 million
- total liabilities: $10 million
- revenue: $0
- net loss: $2.5 million
It looks like they have a decent amount of cash compared to other OTC companies, however, the lack of revenue and the massive net loss are a bad sign. Will their subsidiary, Goodrich Tobacco finally get its federal license for manufacturing of tobacco products? They applied back in the end of January and it generally takes up to 16 weeks for the permit to be grandted. Well, 6 months have passed already and there are no news on that. Will XXII even get a permit? It seems very unlikely that they will. You be the judge of how things are going and always be sure to do your due diligence before making an investment choice.
Another company that is back at above-dollar values is Affymax, Inc. (OTCMKTS:AFFY) who dipped below $1 and finished last Thursday’s trade session at $0.96 but regained its previous price of $1.02 in Friday’s session with a 6.25% climb.
