Pamir Ozan, the Chief Financial Officer of ChromaDex Corp. (NASDAQ:CDXC), recently acquired shares in the company, according to a filing with the Securities and Exchange Commission. On November 22, Ozan purchased 2,907 shares of ChromaDex common stock at a weighted average price of $7.36 per share. The total value of these transactions amounts to approximately $21,396. Following this acquisition, Ozan's direct ownership in ChromaDex stands at 2,907 shares. The purchase reflects the CFO's investment in the company's future, adding to the executive's stake in the medicinal chemicals and botanical products firm.
In other recent news, ChromaDex Corp. reported a 31% increase in total net sales in its third-quarter financial report, primarily due to sales of its flagship product TRU NIAGEN and NIAGEN ingredient. The company's quarterly revenue reached $25.6 million, slightly exceeding analysts' projections. In response to these results, H.C. Wainwright raised the 12-month price target for ChromaDex to $8.00, maintaining a Buy rating on the stock.
ChromaDex has made significant changes to its "at-the-market" equity offering program. The key amendments 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. Raymond (NS:RYMD) James & Associates, Inc. and Roth Capital Partners will now act as sales agents for ChromaDex's common stock offering.
The company also announced the widespread availability of its advanced NAD+ therapy, Niagen IV, at over 200 Restore Hyper Wellness locations across the U.S. This expansion, compounded and distributed by Wells Pharma of Houston, marks a significant step in increasing access to the therapy.
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 successfully launched the Niagen Plus product line and is expanding the distribution of its Niagen product to 14 additional wellness clinics across the U.S., in collaboration with Wells Pharma of Houston. These recent developments highlight ChromaDex's ongoing efforts to grow and innovate in its sector.
InvestingPro Insights
The recent share purchase by ChromaDex Corp.'s CFO Pamir Ozan aligns with several positive indicators from InvestingPro data. The company's stock has shown remarkable performance, with a 386.27% price total return over the past year and a staggering 420.28% year-to-date return. This strong momentum is further evidenced by the stock trading at 94.78% of its 52-week high, suggesting investor confidence in ChromaDex's prospects.
InvestingPro Tips highlight that ChromaDex's net income is expected to grow this year, and analysts predict the company will be profitable. This optimism is supported by the fact that three analysts have revised their earnings upwards for the upcoming period. The company's financial health appears solid, with liquid assets exceeding short-term obligations and operations maintained with a moderate level of debt.
However, investors should note that ChromaDex is trading at high valuation multiples, including a P/E ratio of 369 and a Price/Book ratio of 16.57. This could indicate that the stock is priced for high growth expectations. The company's revenue growth of 9.95% over the last twelve months and a significant 31.21% quarterly growth suggest that ChromaDex is expanding its market presence.
For those interested in a deeper analysis, InvestingPro offers 18 additional tips for ChromaDex, providing a comprehensive view of the company's financial position and market performance.
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