22nd Century Group Stock Jumps 75% After Hour On News Of Reduced-Nicotine Push

22nd Century Group Inc. (NASDAQ:XXII) stock experienced a surge of 75.76% in after-hours trading on Wednesday.

What Happened: The stock of 22nd Century Group, a biotechnology company that specializes in tobacco, surged $8.05, marking a 75.76% rise in after-hours trading on Wednesday.

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The company’s stock closed at $4.58 on Wednesday, denoting a 3.58% dip during regular trading hours. This sudden surge in the after-hours trading session follows the company’s announcement of expanding partnerships for its VLN-based reduced nicotine content products, according to a company statement.

Why It Matters: The surge in the stock price follows the news of 22nd Century Group expanding its partnerships with multiple tobacco brands to increase the availability and awareness of its VLN-based reduced nicotine content products. This announcement was made earlier in July.

The company also recently issued a corporate update on the modified risk tobacco product renewal process for its VLN reduced nicotine content products.

Despite a challenging first quarter, with the company’s first quarter earnings per share missing estimates, 22nd Century Group has been actively working on expanding its product lines and partnerships, which seems to be positively impacting its stock performance.

Price Action: XXII stock closed at $4.58 during regular trading hours on Wednesday.

Benzinga's Edge Stock Rankings indicate, negative trend across all time frames. Know how the stock fares on other parameters here.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.