ChromaDex Co. (NASDAQ:CDXC) Sees Significant Drop in Short Interest

ChromaDex Co. (NASDAQ:CDXC) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totalling 2,960,000 shares, a decline of 7.5% from the September 30th total of 3,200,000 shares. Based on an average daily trading volume, of 264,700 shares, the short-interest ratio is currently 11.2 days. Approximately 6.2% of the shares of the company are sold short.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of ChromaDex in a research note on Friday, August 9th.

ChromaDex Stock Up 51.6 %

CDXC stock traded up $1.80 during mid-day trading on Friday, hitting $5.29. The company had a trading volume of 32,537,516 shares, compared to its average volume of 450,986. The company has a market capitalization of $401.67 million, a price-to-earnings ratio of -242.50 and a beta of 1.86. The company has a 50-day moving average price of $3.48 and a 200 day moving average price of $3.22. ChromaDex has a 12-month low of $1.32 and a 12-month high of $5.62.

Insider Activity

In other news, Director Kristin Patrick sold 23,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $3.57, for a total transaction of $82,110.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 9.64% of the company’s stock.

Hedge Funds Weigh In On ChromaDex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new stake in ChromaDex in the 2nd quarter worth approximately $597,000. Bank of New York Mellon Corp grew its holdings in shares of ChromaDex by 170.0% in the second quarter. Bank of New York Mellon Corp now owns 190,442 shares of the company’s stock valued at $520,000 after purchasing an additional 119,915 shares in the last quarter. BSW Wealth Partners purchased a new position in shares of ChromaDex in the third quarter valued at $324,000. Rhumbline Advisers bought a new stake in ChromaDex in the second quarter worth $124,000. Finally, Perritt Capital Management Inc. purchased a new stake in ChromaDex during the first quarter valued at $139,000. 15.41% of the stock is owned by institutional investors.

About ChromaDex

ChromaDex Corporation operates as a bioscience company focusing on developing healthy aging products. The company operates through three segments: Consumer products; Ingredients; and Analytical Reference Standards and Services. It researches nicotinamide adenine dinucleotide (NAD+); provides finished dietary supplement products that contain its proprietary ingredients directly to consumers and distributors; and develops and commercializes proprietary-based ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products.