ChromaDex Corporation (CDXC) shares have reached a 52-week high, touching $4.69, marking a significant milestone for the company. This peak represents a substantial gain from the previous year, with the stock experiencing an impressive 147.52% increase over the past 12 months. Investors have shown growing confidence in ChromaDex's market position and future prospects, contributing to the stock's robust performance and heightened trading activity as it hits this new high.
In other recent news, ChromaDex Corporation reported a 12% year-over-year increase in revenue, reaching $22.7 million for the second quarter of 2024. The company also noted a near breakeven net loss of $15,000 for the quarter. ChromaDex has appointed a new CFO, Ozan Pamir, previously CFO of 180 Life Sciences.
In light of independence concerns related to Marcum LLP's upcoming merger with CBIZ (NYSE:CBZ) Inc., Marcum has resigned as ChromaDex's independent registered public accounting firm. The resignation was not due to any disagreement on accounting practices or financial disclosures.
ChromaDex has also launched the Niagen Plus product line and announced a distribution expansion of its Niagen product to 14 additional wellness clinics across the United States in partnership with Wells Pharma of Houston. The company has set strategic partnerships with Watsons, Nestle Health Science, and Pure Encapsulations, which are expected to enhance brand awareness and market penetration. These are the recent developments for ChromaDex.
InvestingPro Insights
ChromaDex Corporation's recent 52-week high is further supported by InvestingPro data, which reveals a remarkable 162.41% price total return over the past year. This aligns closely with the article's reported 147.52% increase, confirming the stock's strong performance.
InvestingPro Tips highlight that CDXC is trading near its 52-week high and has shown a strong return over the last three months, with data indicating a 27.37% price total return in this period. This recent momentum underscores the growing investor confidence mentioned in the article.
Additionally, an InvestingPro Tip suggests that net income is expected to grow this year, and analysts predict the company will be profitable. This forward-looking perspective may be contributing to the stock's current valuation, with a Price / Book ratio of 8.65 as of the last twelve months ending Q2 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for ChromaDex Corporation, providing a deeper understanding of the company's financial health and market position.
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