Stock market today: Stocks fall as investors rotate out of tech into 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 transaction, which took place on November 22, was executed at a price of $4.32 per share, amounting to a total value of approximately $4,968. Following this sale, Prante retains ownership of 72,107 shares, as per the filing. The sale was conducted automatically under a Rule 10b5-1 trading plan that Prante adopted on August 16, 2024.
In other recent news, agricultural gene editing pioneer, Cibus, has revealed its transition from R&D to a commercial entity during its Third Quarter 2024 Earnings Conference Call. Despite reporting a net loss of $201.5 million, the company announced the successful development of the Trait Machine process and partnerships with major seed companies. Cibus remains positive about its future, with plans to introduce herbicide-resistant and Pod Shatter Reduction traits, targeting market opportunities in the U.S., Latin America, and Asia.
The company's Trait Machine process is designed for rapid trait development and is set to target crops such as rice and canola. Cibus anticipates $200 million in annual royalties from rice traits in the U.S. and an additional $150 million from Asian market expansion. The launches for canola and soybean traits are expected in 2026 and 2024, respectively.
Favorable regulatory progress in Europe and Asia, along with a partnership with Albaugh, is expected to aid in herbicide labeling in Latin America. The company is also exploring sustainable ingredients and fragrances with announcements expected by next year. These developments highlight the company's ongoing efforts in the agricultural gene editing sector.
InvestingPro Insights
As Gerhard Prante's recent stock sale at Cibus, Inc. (NASDAQ:CBUS) catches investor attention, it's crucial to consider the broader financial context of the company. According to InvestingPro data, Cibus has a market capitalization of $109.53 million, reflecting its current position in the market.
InvestingPro Tips highlight that Cibus is experiencing rapid sales growth, with revenue increasing by an impressive 449.34% over the last twelve months as of Q3 2024. This substantial growth aligns with analysts' expectations of continued sales expansion in the current year. However, it's important to note that despite this top-line growth, the company is not currently profitable, with a negative operating income margin of -1621.31% for the same period.
The stock's recent performance has been challenging, with InvestingPro data showing a significant price decline of 45.24% over the past three months and 73.36% over the last six months. This volatility is reflected in one of the InvestingPro Tips, which notes that Cibus's stock price movements are quite volatile.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 10 more tips available for Cibus. These tips could provide valuable context for understanding the company's financial health and market position, especially in light of the recent insider transaction.
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