How did CBUS's Q1 2024 earnings surprise investors?

Cibus (CBUS) Q1 2024 earnings report was met with a significant negative surprise, primarily due to a substantial decline in its stock price following the earnings release. Here are the key details:

1. **Earnings Release and Stock Reaction**:
- Cibus's Q1 2024 earnings were released on May 9, 2024.
- The stock price decreased by 5.59% following the earnings announcement, closing at $1.69.
2. **Financial Performance**:
- The company reported a net loss of $25.8 million for the fourth quarter of 2024, which improved from the previous year’s loss, primarily due to the absence of a goodwill impairment charge.
- Despite the net loss, the company highlighted strategic acquisitions and a recovering Nordic real estate market as drivers for its solid financial performance.
3. **Analyst Ratings and Price Targets**:
- Analysts have a "Strong Buy" consensus rating on the stock with an average price target of $21.5, indicating potential upside from the current price level.
4. **Investor Sentiment and Market Performance**:
- Cibus has underperformed the market, with a significant decline in stock price, losing about 76.5% since the beginning of the year versus the S&P 500's gain of 24.3%.
- The company's stock remained within its 52-week range, with a high of €185.15 and a low of €109.75, reflecting investor caution despite the earnings report.

In conclusion, Cibus's Q1 2024 earnings surprised investors with a negative reaction due to a significant drop in stock price, despite the company's strategic acquisitions and improving financial performance. Analysts remain positive, but investor sentiment has been mixed, influenced by the stock's performance and the company's growth prospects.