Why ChromaDex Shares Spiked 111% Today

Chromadex Corp CDXC shares jumped 111% in the regular and after-hours sessions today.

What Happened: The price movement on Thursday was accompanied by intense trading with volumes of 116.67 million. The average volume for ChromaDex shares is 523,511.

While there were no immediate triggers for share movement on Thursday, the bioscience company announced results from a Phase 3 study that examined its nutritional protocol in the treatment of COVID-19, a day prior. 

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“The nutritional protocol significantly improves the recovery, liver health, and markers of inflammation of patients with COVID-19,” said Adil Mardinoglu, a professor at King’s College London, as per a company statement. 

“Dysfunctional mitochondria have been implicated in worsened progression for COVID-19, and this nutritional intervention helps to remedy the stress put on the body of an infected patient,” said the professor. 

On Monday, ChromaDex said it had entered into a securities purchase agreement for the sale of $25 million of its common stock in a private placement.

The company agreed to sell nearly 3.84 million of its common stock at a per-share price of $6.50, according to a separate statement.

Price Action: ChromaDex shares closed 92.4% higher at $18.74 on Thursday and spiked another 18.38% in the after-hours to $22.24.