Home Trending Stocks Why ChromaDex Corporation (CDXC) stock is Rising today?

Why ChromaDex Corporation (CDXC) stock is Rising today?

Shares of the ChromaDex Corporation (CDXC) stock were on the rise today on June 7, 2021, following the announcement of the launch of the consumer product Tru Niagen in Walmart by ChromaDex. CDXC stock price saw a push of 12.30% to reach $10.04 a share at the time of this writing. CDXC stock went high at the previous closing by a 2.64% rise. Let’s understand more about this stock.

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Launch of Tru Niagen:

Tru Niagen®, a leading NAD+ booster, will be available in 3800 stores of Walmart in the United States of America. The product will be offered to consumers in two sizes i.e 100 mg and 300mg. Moreover, this leading NAD+ booster will also be offered online to Walmart customers with same-day delivery as well as in-store pickup options at the desire location.

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First Quarter 2021 Financial Results:

According to the first quarter 2021 financial results,

  • Net sales for the CDXC stock were increased by 2% to reach $14.7 million from $14.3 million in the same period of the prior year. Tru Niagen sales were increased while theNiagen® sales were decreased in the first quarter of 2021.
  • The net sales of $12.4 million were reported for Tru Niagen which represent a 12% increase over the year.
  • The gross margin for the ChromaDex stock increased by 500 basis points to reach 62.9% over the year.
  • CDXC stock reported a net loss of $7.4 million or $0.12 per share which is $0.02 per share lesser than the same period of the prior year.
  • CDXC stock spent $16.6 million in operating expenses which is $2.4 million higher than the operating expenses in the same period of the prior year.

Development in First Quarter 2021

  • ChromaDex stock signed the strategic supply agreement with Health & Happiness Group (H&H) and Ro, a healthcare technology company, for the selling of Niagen®.
  • Fadi Karam, a former Nestlé executive was appointed as the Chief Marketing officer of the ChromaDex stock.
  • David L. Katz, a professional in lifestyle medicine has been added to the Scientific Advisory Board of ChromaDex stock.

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Conclusion

CDXC stock has captivated the attention of investors by announcing the launch of Tru Niagen® in Walmart stores. It seems that momentum was already built in the previous trading session and the recent announcement has added more hype to the rising CDXC stock price. ChromaDex management is expecting improvement in the gross margin for the future and planning to increase investment and resources for effective marketing of its products. Hence, investors need to keep an eye on this stock.

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