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

What Happened: The stock of 22nd Century Group ( XXII ), 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 ( XXII ) 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 ( XXII ) 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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