Twist Bioscience Corp (NASDAQ:TWST) director Robert Chess recently sold shares of the company, according to a recent SEC filing. On November 11, Chess sold a total of 3,600 shares, generating proceeds of approximately $170,138. The shares were sold at prices ranging from $46.9894 to $47.755 per share. This transaction was part of a pre-established trading plan under Rule 10b5-1, which Chess adopted on August 12, 2024.
In addition to the sales, Chess exercised stock options to acquire 3,600 shares at a price of $8.82 per share. Following these transactions, Chess holds 21,641 shares directly and an additional 42,528 shares indirectly through the Chess 1997 Trust.
In other recent news, Twist Bioscience has reported a significant 28% year-over-year increase in revenue for the fiscal third quarter of 2024, reaching $81.5 million. The firm's gross margin also improved to 43.3%, with a goal to exceed 50% by the end of fiscal 2025. Projected Q4 revenue for the company is estimated between $82 million and $83 million, indicating a 27% expected increase in total revenue for fiscal 2024.
On the merger front, Twist Bioscience announced a new financial agreement with XOMA Royalty Corporation, securing a $15 million capital boost. This deal grants XOMA the right to receive half of the potential future milestone and royalty payments from Twist's existing antibody discovery and biopharma services collaborations.
Baird has maintained its Outperform rating on Twist Bioscience, citing consistent demand for the company's Express Genes service. The firm noted that the average premium charged to academic institutions remained stable at approximately 42%.
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.
Finally, Twist Bioscience 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
Twist Bioscience Corp (NASDAQ:TWST) has been experiencing significant volatility in its stock price, as highlighted by one of the InvestingPro Tips. This volatility is evident in the company's recent price movements, with a 1-year price total return of 116.01%, contrasting sharply with a 6-month return of -11.72%.
Despite the recent insider sale by director Robert Chess, it's worth noting that TWST's revenue growth remains strong. The company reported a 27.81% quarterly revenue growth in Q3 2024, with total revenue reaching $295.21 million over the last twelve months. This growth trajectory aligns with the InvestingPro Tip indicating a high return over the last year.
However, investors should be aware that Twist Bioscience is not currently profitable, with a negative operating income of $189.94 million in the last twelve months. This is reflected in the company's P/E ratio of -13.75, suggesting that analysts do not anticipate profitability in the near term.
For a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 7 additional InvestingPro Tips available for TWST, providing a deeper understanding of the company's financial health and market position.
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