LOS ANGELES - ChromaDex Corp. (NASDAQ:CDXC), a company specializing in medicinal chemicals and botanical products, announced on Monday an amendment to its "at-the-market" equity offering program.
The amendment, dated November 20, 2024, modifies the company's existing Sales Agreement from June 12, 2020. The key changes include the addition of Roth Capital Partners (WA:CPAP), LLC as a new sales agent and the removal of B. Riley Securities, Inc. from the program. Furthermore, the provisions regarding notice have been updated, along with other conforming changes.
With this amendment, Raymond (NS:RYMD) James & Associates, Inc. and Roth Capital Partners will act as sales agents for ChromaDex's common stock offering. The common stock, with a par value of $0.001 per share, is registered on the Nasdaq Capital Market under the ticker symbol CDXC.
In other recent news, ChromaDex Corp. has made significant strides in its operations. The company reported a 31% increase in total net sales in its third-quarter financial report, with the quarterly revenue reaching $25.6 million, slightly surpassing analysts' projections. This growth was primarily attributed to the sales of its flagship product TRU NIAGEN and NIAGEN ingredient. H.C. Wainwright responded to these results by raising the 12-month price target for ChromaDex to $8.00, maintaining a Buy rating on the stock.
ChromaDex also announced the widespread availability of its advanced NAD+ therapy, Niagen IV, at over 200 Restore Hyper Wellness locations throughout the United States. This expansion, compounded and distributed by Wells Pharma of Houston, marks a significant step in increasing access to the therapy.
In addition to these developments, ChromaDex appointed a new CFO, Ozan Pamir, who brings significant experience from his previous position as CFO of 180 Life Sciences. The company also announced a change in its certifying accountant due to Marcum LLP's upcoming merger with CBIZ Inc (NYSE:CBZ)., citing independence concerns.
Lastly, ChromaDex has successfully launched the Niagen Plus product line and is expanding the distribution of its Niagen product to 14 additional wellness clinics across the United States, in collaboration with Wells Pharma of Houston. These recent developments highlight ChromaDex's ongoing efforts to grow and innovate in its sector.
InvestingPro Insights
ChromaDex Corp. (NASDAQ:CDXC) has been experiencing significant market momentum, as evidenced by its impressive stock performance. According to InvestingPro data, CDXC has seen a remarkable 424.48% year-to-date price total return as of the latest available data. This surge is further supported by strong returns over various time frames, including a 116.76% increase in the past month and a 137.34% gain over the last six months.
The company's financial health appears to be improving, with InvestingPro Tips indicating that net income is expected to grow this year and analysts predicting profitability. This positive outlook is reinforced by the fact that three analysts have revised their earnings upwards for the upcoming period, suggesting growing confidence in ChromaDex's financial prospects.
However, investors should note that the stock is currently trading at high valuation multiples, including a P/E ratio of 384.65 and a Price / Book ratio of 17.15. An InvestingPro Tip also points out that the stock's RSI suggests it may be in overbought territory, which could be relevant for those considering the timing of investments following the announced equity offering amendment.
For those seeking a more comprehensive analysis, InvestingPro offers 15 additional tips on ChromaDex, providing a deeper understanding of the company's financial position and market dynamics.
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