Cowen Starts 22nd Century Group (XXII) at Outperform
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Cowen analyst Vivien Azer initiates coverage on 22nd Century Group (NYSE: XXII) with a Outperform rating and a price target of $5.00.
The analyst comments "We initiate coverage of XXII with an Outperform rating. As a leader in plant genetics, XXII is positioned to capitalized on major near-term commercialization catalysts including potential FDA MRTP designation for its VLN cigarettes and the monetization of its biosynthesis IP starting in 2H21 as well as longer term tobacco regulatory tailwinds. Our $5 PT assumes a 10x FY2 revenue multiple."
Shares of 22nd Century Group closed at $3.18 yesterday.
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Related EntitiesCowen & Co, FDA
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