Cibus (CBUS) PT Lowered to $18 at Canaccord Genuity

Canaccord Genuity analyst Austin Moeller lowered the price target on Cibus (NASDAQ: CBUS) to $18.00 (from $20.00) while maintaining a Buy rating following its recent stock offering.

The analyst commented, "Today, Cibus (CBUS) announced that it would raise $22.6M via a direct offering of ~9M shares of the company’s common stock. The funds raised from the transaction will enable Cibus to advance the development of its pipeline of gene-edited plant productivity traits and its in-progress soybean platform (which remains in the “advanced editing” stage). The agreement between existing investors in the business as well as Cibus’ CEO, Rory Riggs, is for the purchase and sale of 9.04M shares of CBUS common stock at $2.50/share and is expected to close on January 24th, 2025. The deal additionally includes the issuance of warrants to purchase up to 9.04M shares of CBUS common stock, exercisable upon stockholder approval at a price of $2.50/share and redeemable following the satisfaction of core conditions, including: 1) the completion of an operational soybean platform and 2) Cibus’ common stock price exceeding $5.00/share for 15 consecutive trading days."

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