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

Zacks Investment Research downgraded shares of ChromaDex (NASDAQ:CDXC) from a hold rating to a sell rating in a 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 subject of several other research reports. Oppenheimer assumed coverage on shares of ChromaDex in a report on Wednesday, March 10th. They set a buy rating and a $9.00 price objective for the company. B. Riley increased their price target on shares of ChromaDex from $7.00 to $18.00 and gave the company a buy rating in a report on Monday, March 8th. Finally, HC Wainwright lowered their price target on shares of ChromaDex from $16.00 to $11.00 and set a buy rating for the company in a report on Monday, May 17th.

CDXC opened at $10.03 on Monday. The firm’s 50-day moving average is $8.48. ChromaDex has a 52 week low of $3.82 and a 52 week high of $23.66. The company has a market cap of $681.37 million, a P/E ratio of -28.66 and a beta of 1.68.

ChromaDex (NASDAQ:CDXC) last released its quarterly earnings data on Thursday, May 6th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 company had revenue of $14.68 million for the quarter, compared to the consensus estimate of $16.47 million. On average, equities research analysts predict that ChromaDex will post -0.34 earnings per share for the current year.

In related news, Director Stephen A. Block sold 20,000 shares of the stock in a transaction dated Tuesday, March 16th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert N. Fried acquired 10,000 shares of ChromaDex stock in a transaction that occurred on Thursday, May 13th. The stock was purchased 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 directly owns 882,561 shares in the company, valued at $5,869,030.65. The disclosure for this purchase can be found here. Corporate insiders own 12.92% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Strs Ohio increased its position in shares of ChromaDex by 21.4% during the fourth quarter. Strs Ohio now owns 95,400 shares of the company’s stock worth $457,000 after acquiring an additional 16,800 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of ChromaDex by 135.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 84,733 shares of the company’s stock worth $407,000 after acquiring an additional 48,750 shares during the period. Sycale Advisors NY LLC increased its position in shares of ChromaDex by 25.0% during the fourth quarter. Sycale Advisors NY LLC now owns 714,404 shares of the company’s stock worth $3,429,000 after acquiring an additional 142,700 shares during the period. BlackRock Inc. increased its position in shares of ChromaDex by 3.3% during the fourth quarter. BlackRock Inc. now owns 2,896,873 shares of the company’s stock worth $13,905,000 after acquiring an additional 92,329 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of ChromaDex by 9.8% during the fourth quarter. Bank of New York Mellon Corp now owns 181,618 shares of the company’s stock worth $872,000 after acquiring an additional 16,258 shares during the period. 32.32% of the stock is currently owned by 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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