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Shares of ChromaDex Corp. jumped 27.5% on Tuesday after the biotech company reported some positive data from its COVID-19 Phase 2 study that involves its nicotinamide riboside (NR) – an anti-ageing supplement.
ChromaDex (CDXC) said that the Phase 2 trial showed that patients with mild-to-moderate COVID-19 "experienced a 29% reduction in recovery time when receiving the standard of care in combination with a nutritional protocol including nicotinamide riboside (NR).” The study found that the addition of the nutritional protocol to standard care reduced the recovery time to 6.6 days from 9.3 days in patients with mild-to-moderate COVID-19 disease.
"This clinical study on nearly 100 subjects resulted in significantly speedier recovery time for COVID-19 patients and builds upon the existing research," said ChromaDex CEO Rob Fried. "There are currently 11 published human clinical studies showing the safety and efficacy of NR in various indications and several dozen more in the works including studies specifically focused on COVID-19." (See CDXC stock analysis on TipRanks)
Following the company’s announcement, Oppenheimer analyst Brian Nagel raised the stock’s price target to $9 (73.4% upside potential) from $6 and reiterated a Buy rating. Nagel said, “We interpret today’s news as further indication that ChromaDex continues its extensive and admirable push to understand well the science behind NR and its namesake product TruNiagen. We view it as only a matter of time before a larger, more mass market consumer audience begins to better embrace the health benefits of regular TruNiagen supplementation.”
Currently, the Street has a bullish outlook on the stock, with a Strong Buy analyst consensus. With shares up over 20% year-to-date, the average price target of $7.67 implies further upside potential of about 47.8% to current levels.
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