Today’s Research Reports on Stocks to Watch: Inotek Pharmaceuticals and 22nd Century Group
Shares of Inotek exploded yesterday after it was revealed that a stealthy gene therapy company called Rocket Pharmaceuticals would be making its debut in the market through a reverse merger with Inotek. The deal is expected to close in early 2018. Shares of 22nd Century Group also moved higher despite any big news from the company to explain the jump. Trading volume for 22nd Century Group was nearly 9 million shares in Wednesday trading compared to an average of just around 2.5 million shares.
RDI Initiates Coverage on:
Inotek Pharmaceuticals Corporation
22nd Century Group, Inc.
Inotek Pharmaceuticals shares closed up 15.71% yesterday on around 9.3 million shares traded. Rocket Pharmaceuticals will make its debut in the market through a reverse merger with Inotek. The gene therapy start up develops treatments for a variety of rare blood diseases. As part of the merger, Rocket shareholders are expected to own 81 percent of the combined company, with Inotek stockholders getting the remaining 19 percent. The actual amount however will depend on the amount of cash that Inotek has on hand when the deal closes. The deal is expected to close early next year. Inotek President and CEO David Southwell will remain on the combined company’s board. According to Southwell, the deal is the “best scenario for value creation” for its stockholders.
Access RDI’s Inotek Pharmaceuticals Corporation Research Report at:
22nd Century Group shares zoomed on Wednesday to a new high of $3.06 during intra-day trading. The company closed the day with gains of 13.06% and saw an additional gain of 1.99% in after-hours trading. There was no big news from the company to explain the move although traders may have been anticipating that the Company’s Chief Executive Officer, Henry Sicignano, III, was invited to participate on a GTNF panel entitled “Future Next Generation Products” today in New York City. 22nd Century Group is a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in cannabis plants.
Access RDI’s 22nd Century Group, Inc. Research Report at:
Our Actionable Research on Inotek Pharmaceuticals Corporation (NASDAQ: ITEK) and 22nd Century Group, Inc. (NYSE: XXII) can be downloaded free of charge at Research Driven Investing.
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