Twist Bioscience Corp (NASDAQ:TWST) recently reported a series of stock transactions by its Chief Accounting Officer, Robert F. Werner. According to a filing with the Securities and Exchange Commission, Werner sold 156 shares of the company's common stock on November 4, 2024, at an average price of $41.564 per share, amounting to a total value of $6,483. This sale was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units, as mandated by the company's equity incentive plans.
In addition to the sale, Werner acquired 8,500 shares of common stock. These shares were granted as performance stock units, for which the target criteria were met on November 4, 2024. However, 60% of these units remain subject to time-based vesting and are scheduled to vest on October 1, 2025, contingent on continued service or accelerated vesting as outlined in the award agreement.
Following these transactions, Werner's direct ownership stands at 47,068 shares.
In other recent news, Twist Bioscience has secured a $15 million capital boost from an agreement with XOMA Royalty Corporation. The deal grants XOMA the right to receive future milestone and royalty payments from Twist's existing collaborations. The company's recent financial performance has shown promising growth, with a 28% year-over-year increase in revenue for the fiscal third quarter of 2024, totaling $81.5 million. 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, providing consulting services at $25,000 per month. In addition, Mike Fero, Ph.D., has been appointed as the new Chief Information Officer. In terms of product development, Twist Bioscience has expanded its DNA synthesis capabilities and launched a Transaminase Enzyme Screening Kit in collaboration with bitBiome Inc. These are the latest developments in the company's operations and strategic initiatives.
InvestingPro Insights
Twist Bioscience Corp's recent insider activity occurs against a backdrop of intriguing financial metrics and market performance. According to InvestingPro data, the company's market capitalization stands at $2.65 billion, reflecting its position in the biotechnology sector. Despite the recent stock sale by the Chief Accounting Officer, Twist Bioscience has demonstrated impressive revenue growth, with a 25.37% increase over the last twelve months as of Q3 2024, reaching $295.21 million.
An InvestingPro Tip highlights that Twist Bioscience's stock price movements have been quite volatile, which aligns with the nature of the biotech industry and the company's growth stage. This volatility is further evidenced by the substantial one-year price total return of 143.45%, indicating significant investor interest and potential market optimism about the company's prospects.
Another relevant InvestingPro Tip notes that analysts do not anticipate the company to be profitable this year. This insight is consistent with the reported operating income of -$189.94 million for the last twelve months, suggesting that Twist Bioscience is still in a phase of heavy investment and growth.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide further context to Twist Bioscience's financial health and market position. These insights could be particularly valuable given the company's dynamic growth phase and the recent insider transactions.
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