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Caribou Biosciences , Inc. (NASDAQ:CRBU) has regained compliance with Nasdaq's minimum bid price requirement, according to an SEC filing made Monday. The stock, currently trading at $1.34, has shown strong momentum with a nearly 20% gain over the past week.
The Berkeley, California-based biotechnology company received written notice from Nasdaq on June 18 confirming it had satisfied Listing Rule 5450(a)(1), which requires companies on the Nasdaq Global Select Market to maintain a minimum closing bid price of $1.00 per share.
According to the compliance notice, Caribou's common stock maintained a closing bid price of $1.00 or greater from June 3 through June 17, 2025, meeting the requirement for continued listing.
The filing did not provide details on when the company initially fell below the minimum threshold or what actions it had taken to restore compliance.
Caribou Biosciences, an emerging growth company focused on biological products, develops gene-edited therapies. The company trades under the ticker symbol CRBU on the Nasdaq Global Select Market.
The information was disclosed in a Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Caribou Biosciences announced significant strategic changes, focusing its resources on its leading oncology programs, CB-010 and CB-011. The company plans to discontinue its CB-010 trial for lupus and the CB-012 trial for acute myeloid leukemia, as well as cease preclinical research efforts. This re-prioritization is expected to extend Caribou's financial runway into the second half of 2027, with $212.5 million in cash and equivalents as of March 31, 2025. In light of these changes, H.C. Wainwright analyst Robert Burns adjusted the price target for Caribou Biosciences to $3.00 from $9.00, while maintaining a Buy rating. The workforce reduction by approximately 32% is part of the company's strategy to focus on its key oncology programs. Clinical data from the CB-010 and CB-011 Phase 1 trials are anticipated in the latter half of this year. These trials will provide data on a 20-patient cohort for CB-010 and a minimum of 25 patients for CB-011. The strategic shift aims to address the unmet need for off-the-shelf CAR-T cell therapies for hematologic malignancies.
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