Emily Leproust, the Chief Executive Officer of Twist Bioscience Corp (NASDAQ:TWST), recently sold 14,334 shares of the company's common stock. The shares were sold at an average price of $44.605 each, totaling approximately $639,368. Following this transaction, Leproust holds 589,552 shares directly. This move comes amid various stock option holdings, which remain unaffected by this particular sale.
In other recent news, Twist Bioscience has reported a notable 28% year-over-year increase in revenue for the fiscal third quarter of 2024, amounting to $81.5 million. The company's gross margin also improved to 43.3%, with a goal to exceed 50% by the end of fiscal 2025. Additionally, Twist Bioscience anticipates its Q4 revenue to be between $82 million and $83 million, signaling a 27% expected increase in total revenue for fiscal 2024.
In financial developments, Twist Bioscience secured a $15 million upfront cash payment through a new agreement with XOMA Royalty Corporation. The deal gives XOMA the right to receive half of potential future milestone and royalty payments from Twist's existing collaborations in antibody discovery and biopharma services.
Baird has maintained its Outperform rating on Twist Bioscience, observing 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 October.
In personnel updates, James Thorburn transitioned to a Strategic Advisor role, providing consulting services at $25,000 per month. 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 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
As Emily Leproust, CEO of Twist Bioscience Corp (NASDAQ:TWST), reduces her direct holdings, investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, Twist Bioscience has a market capitalization of $2.66 billion, reflecting its position in the biotechnology sector.
Despite the recent insider sale, TWST has shown remarkable strength in the market. An InvestingPro Tip highlights that the stock has delivered a high return over the last year, with data showing an impressive 161.61% price total return over the past 12 months. This performance significantly outpaces many of its peers and the broader market.
However, it's important to note that Twist Bioscience is currently not profitable. The company reported an adjusted operating income of -$189.94 million for the last twelve months as of Q3 2023. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company to be profitable this year.
On a positive note, Twist Bioscience's revenue growth remains strong. The company reported a 25.37% revenue growth over the last twelve months, with Q3 2023 showing an even more robust 27.81% quarterly growth. This growth trajectory suggests that while profitability remains a challenge, the company is successfully expanding its market presence.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for Twist Bioscience. These tips could provide valuable context for understanding the company's financial health and future prospects in light of recent insider activity.
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