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On Monday, H.C. Wainwright reaffirmed its confidence in Niagen Bioscience (NASDAQ:NAGE), maintaining a Buy rating and a $11.00 price target for the company’s shares. Currently trading at $6.77, the stock has significant upside potential according to analysts, with targets ranging from $5 to $12. The firm’s analyst highlighted the recent corporate changes, noting Niagen Bioscience’s transition from its former identity as ChromaDex Corporation. The company’s shares commenced trading under the new ticker symbol NAGE from March 19, while retaining the same CUSIP number. According to InvestingPro, the stock has shown strong momentum with a 94.5% return over the past year.
The analyst from H.C. Wainwright pointed out that the timing of Niagen Bioscience’s rebranding is particularly advantageous. This is due to the positive momentum surrounding the company’s primary product offering, nicotinamide riboside (NR), a nutritional supplement with potential applications extending into prescription pharmaceuticals. The company’s financial metrics support this optimism, with revenue growing at 19.2% and maintaining a healthy gross profit margin of 61.8%. The expectation is that the NR franchise and its analogs may explore new market opportunities beyond their current scope.
Niagen Bioscience is expected to release further details about the rebranding process, which will outline the company’s new direction and upcoming initiatives. The analyst expressed eagerness for additional information on the corporate rebranding strategy, which is anticipated to shed light on how Niagen Bioscience plans to capitalize on the evolving landscape of its NR franchise.
The reiteration of the Buy rating and the $11.00 price target reflects H.C. Wainwright’s optimistic outlook for Niagen Bioscience’s future. The analyst’s commentary suggests a belief in the company’s potential growth and expansion as it ventures into new domains with its nicotinamide riboside products.
Investors and market watchers will be paying close attention to Niagen Bioscience as it unfolds its rebranding strategy and seeks to leverage the opportunities within the nutritional supplement industry and potentially the larger pharmaceutical market. The company’s next steps are anticipated to provide further insights into its strategic direction and growth prospects. InvestingPro analysis reveals 16 additional investment tips and comprehensive financial metrics for Niagen Bioscience, including detailed valuation analysis and growth projections. The company’s next earnings report is expected on May 7, 2025, which could be a crucial catalyst for the stock’s performance.
In other recent news, Niagen Bioscience, formerly known as ChromaDex Corp., reported significant financial achievements for the fourth quarter of 2024. The company exceeded earnings expectations with an earnings per share (EPS) of $0.09, surpassing the forecasted $0.02. Revenue for the quarter reached $29.1 million, outperforming the anticipated $26.78 million. This strong performance was primarily driven by increased sales of its TRU NIAGEN product, which contributed $22.7 million to the top-line revenue. Additionally, H.C. Wainwright & Co. raised its price target for the company to $11.00, maintaining a Buy rating, following the positive financial results.
In a strategic move, the company has also announced a rebranding initiative, transitioning from ChromaDex Corp. to Niagen Bioscience, Inc. and changing its Nasdaq ticker symbol to NAGE. This rebranding aligns with its focus on its flagship ingredient, Niagen, known for boosting NAD+ levels. Furthermore, Niagen Bioscience has expanded its intellectual property portfolio by securing a new U.S. patent for NAD+ precursors, strengthening its market position. The patent, licensed from Queen’s University Belfast, provides exclusive rights to various nicotinamide riboside salt forms until 2034.
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