ChromaDex (NASDAQ:CDXC) Shares Down 8.1% - What's Next?

ChromaDex Corporation (NASDAQ:CDXC) saw its share price fall by 8.1% during midday trading on Thursday. The stock dipped to a low of $7.97 and eventually traded at $7.86. A total of approximately 1,034,433 shares changed hands during the session, marking a 25% increase in trading volume compared to the average daily volume of 826,390 shares. The stock had previously closed at $8.55.

Wall Street Analysts Forecast Growth

Recently, several analysts have weighed in on ChromaDex. LADENBURG THALM/SH SH increased their price target for the company from $6.80 to $8.10, issuing a "buy" rating in their report on Wednesday. Similarly, Roth MKM raised their price target from $6.00 to $8.00 for ChromaDex, also recommending a "buy" in their analysis on November 6. Additionally, StockNews.com has upgraded ChromaDex's rating from "buy" to "strong-buy".

ChromaDex Trading Down 10.1%

The company's stock has a 50-day simple moving average of $5.68, along with a 200-day simple moving average of $5.13. ChromaDex currently holds a market capitalization of $587.39 million, with a P/E ratio of 767.87, and a beta of 2.21.

Insider Activity at ChromaDex

In related news, Director Frank L. Jaksch, Jr. sold 37,161 shares of ChromaDex in a transaction on December 13. The shares were sold at an average price of $6.19, culminating in a total sale amount of $230,026.59. Post-transaction, the director holds 244,179 shares of the stock, valued at about $1,511,468. The sale represents a 13.21% reduction in his ownership. Details of the transaction were filed with the Securities and Exchange Commission, with 9.64% of the stock currently held by insiders.

Institutional Investors Weigh In On ChromaDex

Recent activity amongst institutional investors has impacted ChromaDex's shares. D. E. Shaw & Company, for example, increased its position in ChromaDex by a staggering 1,785.9% last quarter, now holding 1,011,290 shares valued at $5,365,000 after purchasing an additional 957,665 shares. Meanwhile, Arrowstreet Capital expanded its holdings by 288.1%, owning 662,956 shares worth $3,517,000 after acquiring 492,148 shares. Connor Clark & Lunn Investment Management also raised their stake by 189.0%, now holding 506,186 shares valued at $2,685,000. Other institutional investments include Cubist Systematic Strategies, which bought shares valued at approximately $1,647,000, and Renaissance Technologies, which increased its position by 68.0%, now holding 712,788 shares worth $3,781,000. Currently, institutional investors and hedge funds own 15.41% of ChromaDex's stock.

ChromaDex Company Profile

ChromaDex Corporation is a bioscience company that focuses on developing products aimed at healthy aging. The company operates through three main segments: Consumer Products, Ingredients, and Analytical Reference Standards and Services. It conducts research on nicotinamide adenine dinucleotide (NAD+) and provides finished dietary supplements containing proprietary ingredients to both consumers and distributors. Additionally, ChromaDex develops and commercializes proprietary-based ingredient technologies and supplies these ingredients to manufacturers of consumer products.

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This alert was generated to provide fast and accurate information regarding ChromaDex's stock performance.

Should You Invest $1,000 in ChromaDex Right Now?

Before making any investment decision, it might be wise to conduct thorough research on the stock. Current ratings suggest a "Buy" for ChromaDex; however, analysts believe there are other stocks that may present better growth opportunities.

ChromaDex, Stocks, Investment