22nd Century price target lowered to $10 from $15 at Dawson James

Dawson James lowered the firm’s price target on 22nd Century to $10 from $15 and keeps a Buy rating on the shares. The company announced the resignation of CEO James Mish, a $15M annualized cost cutting program and an $11.7M capital raise, the analyst tells investors in a research note. The firm adjusted its expense estimates, share count, and future capital raises to reflect these events. The CEO change could indicate a greater focus on the tobacco business. says the analyst, who expects this will be aided by a potential FDA menthol ban and low-nicotine mandate.