SAN FRANCISCO—Finn Patrick John, President and Chief Operating Officer of Twist Bioscience Corp (NASDAQ:TWST), recently sold shares of the company's common stock valued at approximately $97,428. According to a regulatory filing, the transaction took place on October 23, 2024, with 2,261 shares sold at an average price of $43.091 per share.
This sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units. The sale was not discretionary, as it was mandated by Twist Bioscience's equity incentive plans, which require a "sell to cover" transaction to satisfy tax liabilities.
Following this transaction, Finn retains direct ownership of 159,483 shares of Twist Bioscience.
In other recent news, Twist Bioscience has secured a $15 million capital boost from a new financial agreement with XOMA Royalty Corporation. This follows a significant 28% year-over-year increase in revenue for the fiscal third quarter of 2024, totaling $81.5 million, and an improved gross margin of 43.3%, with an aim to exceed 50% by the end of fiscal 2025. The company's projected Q4 revenue is estimated to be between $82 million and $83 million, indicating a 27% expected increase in total revenue for fiscal 2024.
Baird has maintained its Outperform rating on Twist Bioscience, citing consistent demand for the company's Express Genes service. In personnel updates, James Thorburn has transitioned to a Strategic Advisor role, and Mike Fero, Ph.D., has been appointed as the new Chief Information Officer.
Twist Bioscience has also expanded its DNA synthesis capabilities, now offering gene fragments up to 5.0 kilobases in length. In collaboration with bitBiome Inc., the company launched a Transaminase Enzyme Screening Kit, providing a more environmentally friendly alternative for synthesizing chiral amines, key components in drug manufacturing. These are the latest developments in the company's operations and strategic initiatives.
InvestingPro Insights
To provide additional context to Finn Patrick John's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Twist Bioscience (NASDAQ:TWST).
As of the latest data, Twist Bioscience has a market capitalization of $2.38 billion. The company's stock has experienced significant volatility recently, with InvestingPro Tips noting that the stock has taken a big hit over the last week, showing a 1-week price total return of -14.26%. This recent downturn comes despite a remarkable 1-year price total return of 162.66%, highlighting the stock's potential for substantial price movements.
Financially, Twist Bioscience is in a growth phase, with revenue growing by 25.37% over the last twelve months to $295.21 million. However, profitability remains a challenge. An InvestingPro Tip indicates that analysts do not anticipate the company will be profitable this year, which is reflected in the negative P/E ratio of -13.16 for the last twelve months.
On a positive note, Twist Bioscience's balance sheet appears solid. An InvestingPro Tip reveals that the company holds more cash than debt, suggesting financial stability. Additionally, liquid assets exceed short-term obligations, which could provide some reassurance to investors concerned about the company's ability to meet its near-term financial commitments.
For readers interested in 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.
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