Why 22nd Century Group Stock Briefly Spiked Monday
Shares of 22nd Century Group (NYSEMKT: XXII), a plant biotech company focusing on the development of low nicotine cigarettes and smoking cessation aids, jumped by as much as 10.7% yesterday before ultimately ending the day up 2.14%. This brief double-digit rally was sparked by a new 12-month price target from Chardan Capital Markets analyst James McIlree.
What really appears to have caught investors' eye yesterday, however, was the magnitude of the price target increase. Specifically, Mcllree's new price target of $11.50 (up from $3.50) implies an upside potential of a whopping 310% compared to where the stock opened on Monday.
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Source: Fool.com
