22nd Century Group, Inc. (NASDAQ:XXII) stock is moving higher on Monday after the company announced its readiness to support the Food and Drug Administration’s (FDA) proposed standard to mandate reduced nicotine content in cigarettes.
What To Know: The proposed standard aligns with the FDA’s long-standing effort to drastically reduce nicotine levels in cigarettes and is consistent with the concept behind 22nd Century’s very low nicotine content cigarettes. Earlier this month, the possible new regulation cleared review by the United States Office of Management and Budget.
Larry Firestone, CEO of 22nd Century, said, “The FDA has openly stated that this could be the most impactful action for the improvement of public health in reducing the widespread and clearly documented harms of smoking.”
Firestone added, “22nd Century has played a pivotal role in the research, development, and numerous federally funded clinical studies underpinning this policy, which has been advanced across multiple administrations since 2009, including action under the first Trump administration.”
22nd Century stock is trading on higher-than-normal volume at 15.33 million shares. The company’s average session volume over the past 100 days is 111.75 thousand, according to data from Benzinga Pro.
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XXII Price Action: At the time of writing, 22nd Century Group stock is trading 55% higher at $7.60, per data from Benzinga Pro.
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