We have watched this company from prior to inception. We long, nothing has changed. XXII will deliver...potential FDA approval, MSA approval, international distribution ASAP. looking forward to the shareholder meeting April 12th.
The stock has declined 45% in the last 8 trading sessions b/c of a series of events...The stock had an "artificial" run from $4 to $6.35 on news "of an uplist" and momentum investors that only knew XXII as a stock symbol on their screen ran to buy and chased the stock...Then, the specialist on the Amex spooked the momentum investors by pounding the stock on the first day of the up-list...Then all the momentum investors ran for the hills as the momentum turned...Then, the CEO sold 95k shares (a mere 1% of his holdings to pay off his debts) and unsophisticated investors got spooked and sold...Add that to the fundamental longs/bulls who used margin to increase their ownership without using additional cash start to get margin calls below $5 and $4 and are forced to liquidate...Selling begets selling and the chart rolls over and breaks down technically...There is technical support at the 50day moving average ($3.39), but a real turn back north in the stock will require the company to start hitting their fundamental milestones and catalysts (all of which are days/weeks/months away)...To put it in perspective, the stock is the same price it was a month ago and has closed above $4 in 18 of the last 21 days (NASDAQ requires 30 out of 60 days...so, we only need 12 out of the next 39 sessions)...A smart/contrarian investor buys when everyone else is scared/depressed and selling.