Why 22nd Century Group Was on Fire in December With a 23% Gain
22nd Century Group (NASDAQ: XXII) looked like it was on track to end 2021 exactly where it started. Just three days before Christmas, the stock of the tobacco harm-reduction biotech was trading at exactly the same price where it started the year.
Yet the very next day, 22nd Century shares rocketed higher and it ended the year up 40% from last year. According to data provided by S&P Global Market Intelligence, the reduced-nicotine tobacco company enjoyed a one-month gain of 23.1% in December.
The reason? The Food and Drug Administration approved 22nd Century Group's application for low-nicotine content combustible cigarettes as a modified risk tobacco product (MRTP). CEO James Mish said, "This is the first, and most likely will be the only, combustible cigarette to ever carry the FDA's MRTP designation."
Source Fool.com
