U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
SAN DIEGO—Cibus, Inc. (NASDAQ:CBUS), a $68 million market cap biotechnology company, director Gerhard Prante has sold 1,150 shares of the company's Class A common stock, according to a recent SEC filing. The shares were sold at a price of $2.80 each, totaling $3,220. The sale comes as the stock trades near its 52-week low of $2.35, having declined 86% over the past year. InvestingPro analysis suggests the stock is currently undervalued. Following the transaction, Prante holds 46,807 shares directly. The sale was conducted automatically as part of a Rule 10b5-1 trading plan set up by Prante in August 2024. For deeper insights into CBUS's valuation and 15+ additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Cibus Inc. has approved a new base salary of $320,000 for executive Carlo Broos. This development comes as the company continues to experience significant revenue growth, despite operating at a loss. In addition to this, Cibus anticipates earning $200 million annually in royalties from rice traits in the U.S. and an additional $150 million from expansion into Asian markets. The company also plans to launch herbicide-resistant and Pod Shatter Reduction traits, targeting significant market opportunities in various regions.
Furthermore, Cibus has been highlighted for its successful transition from research and development to commercial operations, despite a reported net loss of $201.5 million. Jefferies recently adjusted its price target for Cibus, reducing it to $5.00 from the previous $8.00, while maintaining its Hold rating on the stock. These are among the recent developments reflecting Cibus's ongoing efforts to enhance agricultural productivity and sustainability through gene editing.
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