U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
SAN DIEGO—Gerhard Prante, a director at Cibus, Inc. (NASDAQ:CBUS), recently sold 1,150 shares of the company’s Class A Common Stock. The shares were sold at a price of $1.92 each, amounting to a total transaction value of $2,208. Following this sale, Prante now holds 7,707 shares in the company. The sale comes as the stock has declined nearly 90% over the past year, with InvestingPro analysis indicating the stock is currently trading below its Fair Value.
The sale was conducted automatically under a pre-established Rule 10b5-1 trading plan, which Prante adopted in August 2024. This type of plan allows insiders of publicly traded corporations to set up a predetermined schedule for selling stocks they own, thus helping to avoid concerns about insider trading. With the company’s next earnings report scheduled for February 28, InvestingPro subscribers can access 15+ additional insights about Cibus’s financial health and market position.
Cibus, Inc., headquartered in San Diego, is known for its work in the agriculture chemicals sector. The company currently operates with a market capitalization of approximately $66 million and has shown significant revenue growth, though InvestingPro data indicates it maintains a moderate debt level with a debt-to-equity ratio of 0.34.
In other recent news, Cibus Inc. disclosed plans to raise approximately $22.6 million through a direct stock offering, involving the sale of about 9 million shares at $2.50 each. The funds are intended to advance the company’s gene-edited plant productivity traits and further develop its soybean platform. Existing investors and CEO Rory Riggs are participating in this offering, which includes warrants for additional shares contingent on certain conditions. Meanwhile, Canaccord Genuity adjusted its price target for Cibus from $20.00 to $18.00 but maintained a Buy rating on the stock. Jefferies also revised its outlook, lowering the price target from $8.00 to $5.00 while keeping a Hold rating. In executive news, Cibus set a new base salary of $320,000 for executive Carlo Broos, effective immediately, as per a recent SEC filing. These developments reflect Cibus’s ongoing efforts to enhance its financial and operational strategies in the agricultural sector.
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