Shares of ChromaDex (CDXC 5.29%) were jumping 7.1% higher as of 11:38 a.m. EDT on Monday after rising as much as 16.2% earlier in the day. The big gain came after the company announced the launch of its Tru Niagen vitamin B3 product in 3,800 Walmart (WMT 0.81%) stores across the U.S.
This launch wasn't a surprise. In March, ChromaDex announced that Walmart would begin carrying Tru Niagen in its stores in June. However, investors still cheered the launch, which has been anticipated for several months.
Tru Niagen has been on the market for years. ChromaDex reported sales for the product totaling $12.4 million in the first quarter of 2021, up 12% year over year.
The deal with Walmart is enormously important for ChromaDex, though. Walmart is the first major U.S. retailer to offer Tru Niagen. Two dosages -- 100 mg and 300 mg -- will be available in Walmart's stores as well as online.
ChromaDex has made a couple of other deals that could provide catalysts for the healthcare stock in the not-too-distant future. In April the company inked a supply agreement with Health & Happiness Group to use Niagen (the sole active ingredient in Tru Niagen) in H&H's Swisse consumer products. In May, ChromaDex announced another deal with Ro to use Niagen in its products.