Chromadex (CDXC – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on the stock and has a $11.00 price target.
Ram Selvaraju has given his Buy rating due to a combination of factors surrounding Chromadex’s strategic initiatives and promising clinical developments. The recent announcement of the company’s name change to Niagen Bioscience, Inc. and its rebranding efforts are seen as timely moves that align with the growing momentum of its core nicotinamide riboside (NR) franchise. This rebranding is expected to open new avenues for NR and its analogs, potentially expanding their use beyond nutritional supplements into prescription pharmaceuticals.
Additionally, the ongoing NO-PARK Phase 2/3 study, which is investigating the effects of NR on Parkinson’s disease, is anticipated to deliver top-line results in the first half of 2025. Previous clinical trials have shown that NR can significantly boost NAD+ levels and provide mild improvements in Parkinson’s symptoms, suggesting a promising therapeutic role. If the upcoming study results are positive, Chromadex may pursue regulatory approval for a pharmaceutical-grade formulation of NR, potentially through collaborations with pharmaceutical companies. These strategic and clinical prospects underpin Selvaraju’s confidence in the company’s future, justifying the Buy rating and a 12-month price target of $11.
In another report released on March 5, Ladenburg Thalmann & Co. also maintained a Buy rating on the stock with a $8.10 price target.