The plant based biotech firm 22nd Century Group (NASDAQ:XXII), which is involved in reducing the harm from tobacco, has had a pretty tough time in the markets over the course of the past week.
During the period, the 22nd Century stock has declined by as much as 8% and while the decline is considerable, it should be noted that there has been no news about the company in the past week. In this situation, it might be a good move for investors to perhaps take a look at a development from August 19, 2021 to have a better idea about the situation at 22nd Century.
On that day the company announced that it appointed Anthony Johnson to its board of directors. It was a significant appointment from 22nd Century considering the fact that Johnson is a seasoned executive in the biotech and life sciences space. Some of his skills include corporate strategy, marketing, business development and technology development among others.
He will also serve as a member of the Scientific Advisory committee and the Compensation committee at the company. While it is hard to say if the appointment was the reason for the decline over the past week, it is something that investors ought to keep in mind.