In a recent transaction reported to the SEC, Dennis Cho, the Senior Vice President, Chief Legal Officer, and Corporate Secretary of Twist Bioscience Corp (NASDAQ:TWST), sold a portion of his holdings in the company. The transaction, which took place on November 11, involved the sale of 1,507 shares of common stock at a price of $47.998 per share, resulting in a total value of $72,332.
Following the sale, Cho retains ownership of 91,163 shares in the company. The transaction was conducted as part of a mandatory "sell to cover" arrangement, required to satisfy tax withholding obligations related to the vesting of Restricted Stock Units. This sale was not a discretionary trade by Cho but rather a compliance measure under Twist Bioscience's equity incentive plans.
In other recent news, Twist Bioscience has secured a $15 million capital boost from a financial agreement with XOMA Royalty Corporation. This comes alongside a notable 28% year-over-year increase in revenue for the fiscal third quarter of 2024, totaling $81.5 million. The firm Baird has maintained its Outperform rating on Twist Bioscience, citing consistent demand for the company's Express Genes service.
In personnel updates, James Thorburn transitioned to a Strategic Advisor role, providing consulting services at $25,000 per month. Additionally, Mike Fero, Ph.D., was appointed as the new Chief Information Officer, leveraging his three decades of experience in startups, software development, and deep-tech industries.
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 recent developments in the company's operations and strategic initiatives.
InvestingPro Insights
Twist Bioscience Corp (NASDAQ:TWST) has been experiencing significant stock price volatility, as highlighted by one of the InvestingPro Tips. This volatility is reflected in the company's impressive 162.22% price total return over the past year, despite a more modest 1.78% return in the last month.
The company's financial health presents a mixed picture. While Twist Bioscience's liquid assets exceed its short-term obligations, indicating a solid near-term financial position, the company is not currently profitable. This aligns with another InvestingPro Tip suggesting that analysts do not anticipate profitability for the company this year.
Twist Bioscience's revenue growth remains strong, with a 25.37% increase over the last twelve months as of Q3 2024, reaching $295.21 million. However, the company's operating income margin stands at -64.34%, underscoring the challenges it faces in achieving profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Twist Bioscience, providing deeper insights into the company's financial outlook and market position.
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