ChromaDex (NASDAQ:CDXC) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of ChromaDex (NASDAQ:CDXC) from a hold rating to a sell rating in a research report released on Monday morning, Zacks.com reports.

According to Zacks, “ChromaDex Corporation and its subsidiaries supply phytochemical reference standards and reference materials, related contract services, and products for the dietary supplement, nutraceutical, food and beverage, functional food, pharmaceutical and cosmetic markets. ChromaDex’s core business strategy is to use the intellectual property harnessed by its expertise in the area of natural products and in the creation of reference materials to the industry as the basis for providing new and alternative, green, mass marketable products to its customers. The Company’s main priority is to create industry-accepted information, and to provide products and services to every layer of the functional food, pharmaceutical, personal care and dietary supplement markets. The company markets and sells its products in the United States and Canada. It offers its products through distributors in Europe, South America, Korea, India, Japan, Australia, New Zealand, China, Indonesia, Malaysia, Singapore, Thailand, and Mexico. “

CDXC has been the topic of a number of other research reports. Oppenheimer assumed coverage on ChromaDex in a report on Wednesday, March 10th. They set a buy rating and a $9.00 price target on the stock. B. Riley boosted their price target on ChromaDex from $7.00 to $18.00 and gave the company a buy rating in a report on Monday, March 8th. Finally, HC Wainwright reduced their price target on ChromaDex from $16.00 to $11.00 and set a buy rating on the stock in a report on Monday, May 17th.

Shares of NASDAQ:CDXC opened at $10.03 on Monday. ChromaDex has a 1 year low of $3.82 and a 1 year high of $23.66. The stock has a market cap of $681.37 million, a P/E ratio of -28.66 and a beta of 1.68. The firm’s 50-day simple moving average is $8.48.

ChromaDex (NASDAQ:CDXC) last announced its quarterly earnings results on Thursday, May 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). ChromaDex had a negative net margin of 35.92% and a negative return on equity of 84.50%. The business had revenue of $14.68 million for the quarter, compared to analysts’ expectations of $16.47 million. As a group, research analysts predict that ChromaDex will post -0.34 EPS for the current year.

In other news, Director Stephen A. Block sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $13.17, for a total value of $263,400.00. Following the sale, the director now directly owns 49,167 shares of the company’s stock, valued at approximately $647,529.39. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert N. Fried purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 13th. The stock was bought at an average cost of $6.65 per share, for a total transaction of $66,500.00. Following the completion of the transaction, the chief executive officer now owns 882,561 shares in the company, valued at $5,869,030.65. The disclosure for this purchase can be found here. Insiders own 12.92% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC boosted its position in shares of ChromaDex by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 28,057 shares of the company’s stock worth $136,000 after purchasing an additional 990 shares in the last quarter. Wolff Wiese Magana LLC boosted its position in shares of ChromaDex by 40.0% in the 1st quarter. Wolff Wiese Magana LLC now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares in the last quarter. Resources Investment Advisors LLC. boosted its position in shares of ChromaDex by 9.1% in the 1st quarter. Resources Investment Advisors LLC. now owns 24,230 shares of the company’s stock worth $226,000 after purchasing an additional 2,030 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of ChromaDex by 1.5% in the 4th quarter. Nuveen Asset Management LLC now owns 141,749 shares of the company’s stock worth $681,000 after purchasing an additional 2,152 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of ChromaDex by 6.8% in the 4th quarter. Rhumbline Advisers now owns 47,556 shares of the company’s stock worth $228,000 after purchasing an additional 3,030 shares in the last quarter. 32.32% of the stock is currently owned by hedge funds and other institutional investors.

About ChromaDex

ChromaDex Corporation operates as a bioscience company focusing on healthy aging. The company operates through three segments: Consumer products; Ingredients; and Analytical Reference Standards and Services. It researches on nicotinamide adenine dinucleotide (NAD+); provides finished dietary supplement products that contain its proprietary ingredients directly to consumers, as well as to distributors; and develops and commercializes proprietary-based ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products.

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