Twist Bioscience Corp (NASDAQ:TWST) President and COO Patrick John Finn has sold 6,865 shares of the company's common stock at a price of $43.211, according to a recent SEC filing. The transaction, which took place on October 2, 2024, resulted in a total sale value of approximately $296,643.
The sale was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units. As per the company's equity incentive plans, these sales are required under a "sell to cover" transaction to meet tax obligations and are not considered discretionary by the reporting person.
Following the transaction, Finn's holdings in Twist Bioscience have adjusted to 161,744 shares. It's noted that the total shares owned by Finn include those acquired under the company's Employee Stock Purchase Plan, which are exempt under certain SEC rules.
Investors and followers of Twist Bioscience will likely monitor insider transactions such as these for insights into executive confidence and company performance. Finn's recent stock sale represents a notable event in the company's financial narrative.
Twist Bioscience Corp, headquartered in South San Francisco, California, operates in the biotechnology sector, specializing in synthetic DNA for various applications. The company's stock is publicly traded on the NASDAQ exchange.
In other recent news, Twist Bioscience reported a robust 28% year-over-year growth in revenue for the fiscal third quarter of 2024, totaling $81.5 million. The company's gross margin also improved significantly to 43.3%, with a target to exceed 50% by the end of fiscal 2025. Twist Bioscience anticipates a 27% increase in total revenue for fiscal 2024 year-over-year, with projected Q4 revenue between $82 million and $83 million.
Furthermore, Baird maintained its Outperform rating on Twist Bioscience, observing an increase in the average premium charged to academic institutions for the company's Express Genes service. The firm's analysis suggests that the sustained high premiums could indicate strong demand for the company's synthetic genes offering.
Twist Bioscience has also announced an expansion in its DNA synthesis capabilities, now offering gene fragments up to 5.0 kilobases in length. In addition, the company has launched a Transaminase Enzyme Screening Kit in collaboration with bitBiome Inc., which aims to provide a more environmentally friendly alternative for synthesizing chiral amines, key components in drug manufacturing. These are recent developments in Twist Bioscience's operations and strategic initiatives.
InvestingPro Insights
To provide additional context to Patrick John Finn's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for Twist Bioscience Corp (NASDAQ:TWST).
According to InvestingPro data, Twist Bioscience has a market capitalization of $2.54 billion, reflecting its significant presence in the biotechnology sector. The company's revenue for the last twelve months as of Q3 2024 stood at $295.21 million, with a notable revenue growth of 25.37% over the same period. This growth trajectory aligns with the company's position as an innovator in synthetic DNA technology.
An InvestingPro Tip highlights that Twist Bioscience's stock has experienced a large price uptick over the last six months, with a 33.8% total return in that period. This positive momentum could be indicative of market confidence in the company's prospects and may provide context for the timing of insider transactions.
Another relevant InvestingPro Tip notes that analysts do not anticipate the company will be profitable this year. This is corroborated by the reported operating income of -$189.94 million for the last twelve months as of Q3 2024. Despite this, the company operates with a moderate level of debt, which could be seen as a positive factor in its financial structure.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Twist Bioscience, providing a deeper understanding of the company's financial health and market position.
The insights from InvestingPro suggest that while Twist Bioscience is experiencing strong revenue growth and stock performance, it continues to face profitability challenges typical of many biotechnology companies in growth phases. These factors may influence insider decisions regarding stock transactions and are crucial for investors to consider when interpreting events such as Finn's recent stock sale.
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