Canaccord Genuity Group Issues Pessimistic Forecast for Cibus (NASDAQ:CBUS) Stock Price

Cibus (NASDAQ:CBUS) had its price target lowered by research analysts at Canaccord Genuity Group from $20.00 to $18.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

A number of other equities analysts have also recently weighed in on CBUS. Alliance Global Partners cut their price target on Cibus from $25.00 to $23.50 and set a “buy” rating for the company in a report on Tuesday, September 24th. HC Wainwright restated a “buy” rating and issued a $25.00 target price on shares of Cibus in a report on Monday, November 11th.

Cibus Trading Down 5.6 %

Cibus stock opened at $2.34 on Wednesday. The firm’s 50-day simple moving average is $3.56 and its 200 day simple moving average is $5.18. Cibus has a 52 week low of $2.16 and a 52 week high of $23.18.

Cibus (NASDAQ:CBUS) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.89) by $0.95. Cibus had a negative net margin of 10,724.78% and a negative return on equity of 28.17%. The business had revenue of $1.67 million for the quarter, compared to analyst estimates of $0.47 million. During the same period in the prior year, the business earned ($1.59) earnings per share. As a group, sell-side analysts predict that Cibus will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Cibus

Large investors have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in Cibus by 16.9% in the 3rd quarter. FMR LLC now owns 3,913,279 shares of the company’s stock valued at $12,757,000 after buying an additional 566,328 shares during the period. Armistice Capital LLC purchased a new stake in Cibus in the second quarter valued at approximately $5,083,000. State Street Corp grew its holdings in Cibus by 43.6% in the third quarter. State Street Corp now owns 307,262 shares of the company’s stock valued at $1,002,000 after purchasing an additional 93,236 shares during the period. Bank of New York Mellon Corp acquired a new position in Cibus during the second quarter worth approximately $529,000. Finally, Swan Global Investments LLC purchased a new position in Cibus during the third quarter worth approximately $115,000. 33.81% of the stock is currently owned by hedge funds and other institutional investors.

Cibus Company Profile

Cibus, Inc, a agricultural biotechnology company, develops and licenses plant traits to seed companies for royalties. The company primarily focus on trait productivity in two areas, including productivity traits that enable farmers to have higher yields and reduce the use of the crop protection chemicals and fertilizers; and sustainable ingredients that enable corporations to replace ingredients that are fossil fuel based or whose production results in increased greenhouse gases.