Bio-agriculture firm Cibus tumbles on deep-discounted stock sale

Shares of Cibus CBUS.O down 30.5% premarket to $1.64 after agricultural biotechnology firm's follow-on prices

CBUS shares set for fifth straight session of declines

San Diego, California-based gene-editing co announces ~15.7 mln shares at $1.75 for $27.5 mln gross proceeds

Offering price represents 25.8% discount to stock's last close

Board chairman and co-founder Rory Riggs bought ~5.7 mln shares, or $10 mln worth of the offering

Co says intends to use net offering proceeds to fund development of weed management productivity traits in rice and for working capital and other general purposes, as it pursues longer-term financing

With ~34.4 mln shares outstanding, co has $81 mln market cap

CBUS shares hit a record intraday low of $1.40 on Apr 7. Stock ended 2024 at $2.78 and was trading around $11 a year ago

3 of 4 analysts covering CBUS rate stock "buy" and 1 rates "hold"; PTs range from as low as $2 (Jefferies) to as high as $25 (H.C. Wainwright), latest LSEG data shows