SAN DIEGO—Gerhard Prante, a director at Cibus, Inc. (NASDAQ:CBUS), reported the sale of a total of 2,300 shares of Class A common stock over two days, according to a recent SEC filing. The transactions, executed on December 16 and 17, were part of a pre-established trading plan under Rule 10b5-1, which Prante adopted on August 16, 2024. The sales come amid significant market volatility for Cibus, with the stock down over 76% in the past year and currently trading at $3.35, near its 52-week low of $2.86.
The shares were sold at prices ranging from $3.85 to $4.06, totaling $9,096. Following these transactions, Prante holds 53,707 shares directly. The sales were conducted automatically, in alignment with the trading plan, to ensure compliance with insider trading regulations.
Cibus, Inc., based in San Diego, operates in the agriculture chemicals sector, focusing on innovative solutions to improve crop productivity.
In other recent news, Cibus Inc., the agricultural gene editing company, has announced a new base salary for executive Carlo Broos, a decision made by the company's Compensation Committee. This comes amidst significant revenue growth of over 440% for the company, despite operating at a loss. In the same vein, Cibus recently reported a net loss of $201.5 million, primarily attributed to an impairment of goodwill. However, the company remains hopeful, citing the successful development of its Trait Machine process and partnerships with major seed companies. Furthermore, the company anticipates earning $200 million annually in royalties from rice traits in the U.S. and an additional $150 million from expansion into Asian markets. Analyst firm Jefferies has adjusted its price target for Cibus, reducing it to $5.00 from the previous $8.00, while maintaining a Hold rating on the stock. These are the recent developments at Cibus Inc.
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