SAN DIEGO—Gerhard Prante, a director at Cibus, Inc. (NASDAQ:CBUS), sold 2,300 shares of the company's Class A common stock on December 2, according to a recent SEC filing. The transaction comes as the stock has experienced significant volatility, declining over 64% in the past six months, according to InvestingPro data. The shares were sold at a price of $4.46 each, totaling $10,258. Following this transaction, Prante owns 66,357 shares directly. The sale was carried out automatically under a Rule 10b5-1 trading plan, which Prante adopted on August 16, 2024. Despite recent price weakness, analysts maintain optimistic price targets ranging from $5 to $25, suggesting potential upside. Access the complete financial health analysis and 8 additional key insights about CBUS through InvestingPro's detailed research report.
In other recent news, Cibus, a gene editing company for agriculture, reported a net loss of $201.5 million in its third quarter 2024 earnings conference call, largely due to an impairment of goodwill. Despite this, the company remains positive about its future, citing the successful development of its Trait Machine process and partnerships with major seed companies. Jefferies has adjusted its price target for Cibus, reducing it from $8.00 to $5.00, while maintaining its Hold rating on the stock. The company's path to reaching free cash flow breakeven hinges on the successful development of either a soy or wheat trait, or the ability to get its product across 2 to 5 million acres. Cibus anticipates earning $200 million annually in royalties from rice traits in the U.S. and a further $150 million from expansion into Asian markets. The company is also planning to launch herbicide-resistant and Pod Shatter Reduction traits, targeting significant market opportunities in the U.S., Latin America, and Asia. In partnership with Albaugh, Cibus aims to aid in herbicide labeling in Latin America. The company is also exploring sustainable ingredients and fragrances, with announcements expected by next year. These are among the recent developments that reflect Cibus's ongoing efforts to enhance agricultural productivity and sustainability through gene editing.
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