Canaccord Genuity Reiterates Buy Rating on Cibus (CBUS)

Canaccord Genuity analyst Austin Moeller reiterated a Buy rating and $21.00 price target on Cibus (NASDAQ: CBUS).

The analyst comments "Cibus (CBUS) announced this week that its CFO, Wade King, will be taking an indefinite leave of absence from the company for family reasons. Mr. King will be stepping down from his role at the end of September, following three years serving as Cibus’ CFO. Upon King’s return, the company anticipates he will take on a newly established role as the Chief Risk Officer. Since King’s departure is only temporary and is unrelated in nature to the business, we view this news to be immaterial to the stock. King’s departure paves the way for SVP of Finance, Carlo Broos, to step in as interim CFO. Mr. Broos has been with Cibus since 2011, aiding in the successful build-out of the company’s finance organization from a post start-up structure to that of a public company. Broos also played a key role in Cibus’ IPO and the integration of acquisition target Calyxt. Broos has served several roles at the company, previously as Finance Director of the Canadian seed business, Head of Financial Planning & Analysis and VP of Business Development. Prior to joining Cibus, Broos developed a wealth of experience across agriculture, finance and accounting operations that further substantiate his background to step in as CFO. He previously worked at Syngenta for six years, serving as the Regional Head of Finance Services and the CFO of Benelux. Broos began his career working in accounting for 10 years, including publicly at Deloitte for seven years and in industry for Advanta Group as a controller. Mr. Broos has a MS in Business from Radboud University in the Netherlands, completed a post-master accounting course at Tilburg University in the Netherlands, and is a Registered Accountant."

For an analyst ratings summary and ratings history on Cibus click here. For more ratings news on Cibus click here.

Shares of Cibus closed at $7.56 yesterday.

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