H.C. Wainwright Keeps Their Buy Rating on Chromadex Corp


H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Chromadex Corp (NASDAQ: CDXC) today and set a price target of $8. The company’s shares closed on Friday at $3.48, close to its 52-week low of $2.86.

Selvaraju said:

“We note that the higher net loss was driven primarily by higher-than-projected G&A spending of roughly $6.8M in the quarter vs. our original projection of only $3.3M. Legal costs ($2.4M in the quarter) and stock-based compensation ($0.8M) were not fully factored into our original numbers; our updated projections anticipate full-year revenue of $33M vs. the prior $37M and G&A spending of $26.3M vs. the prior $13.8M. Our net loss per share estimate for 2018 thus goes to $0.48 vs. the previous estimate of a net loss of $0.10 per share. Direct- to-consumer sales are continuing to expand at roughly 25% per month. The Ingredient segment and Services segments had revenues of $2.4M and $1.2M, respectively; we reiterate our Buy rating and 12-month target of $8.00 per share on ChromaDex. Multiple clinical programs ongoing that could bolster science.”

According to TipRanks.com, Selvaraju is ranked 0 out of 5 stars with an average return of -5.1% and a 37.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.

Chromadex Corp has an analyst consensus of Moderate Buy, with a price target consensus of $8.

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Based on Chromadex Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $8.44 million. In comparison, last year the company had a GAAP net loss of $1.93 million.

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Chromadex Corp. engages in acquiring, developing, and commercializing proprietary-based ingredient technologies through its business model. It operates through the following segments: Ingredients, Core Standards and Contract Services, and Regulatory Consulting.

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