The week did not start off on the right note for the 22nd Century Group Inc (NASDAQ:XXII) stock as the stock suffered from a selloff yesterday and ended the day with a drop of as much as 11%.
While the decline in the stock was substantial, it is also important to note that there was no news about the company yesterday that might have led to the decline. As it happens, the last time any news emerged about the company was back on August 5 when 22nd Century announced its financial results for the second fiscal quarter.
The plant based biotech company, which is involved in reducing harm caused by tobacco and also conducts research on hemp as well cannabis, managed to generate net sales of as much as $8.4 million in the second quarter.
That worked out to a year on year rise of much as 30%. On the other hand, 22nd Century also ended the second quarter on a strong financial position. At the end of the quarter on June 30, 2021, the company had cash and cash equivalents to the tune of as much as $62.3 million on its books.