Twist Bioscience (NASDAQ:TWST) Shares Gap Up on Better-Than-Expected Earnings

Posted by Defense World Staff on Aug 6th, 2023

Twist Bioscience Co. (NASDAQ:TWST – Get Free Report)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $20.67, but opened at $23.20. Twist Bioscience shares last traded at $23.74, with a volume of 333,086 shares traded.

The company reported ($1.01) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.13. Twist Bioscience had a negative return on equity of 27.95% and a negative net margin of 93.32%. The company had revenue of $63.80 million for the quarter, compared to analyst estimates of $60.62 million. During the same period last year, the company earned ($1.08) earnings per share. The business’s revenue was up 13.7% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research firms have recently commented on TWST. Robert W. Baird dropped their price objective on Twist Bioscience from $29.00 to $18.00 in a research note on Monday, May 8th. The Goldman Sachs Group dropped their price objective on Twist Bioscience from $43.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 19th. Finally, Barclays dropped their price objective on Twist Bioscience from $32.00 to $20.00 in a research note on Monday, May 8th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

Insider Buying and Selling

In other news, insider Dennis Cho bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were acquired at an average cost of $13.20 per share, with a total value of $132,000.00. Following the completion of the transaction, the insider now directly owns 29,297 shares in the company, valued at $386,720.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Twist Bioscience

A number of institutional investors have recently added to or reduced their stakes in TWST. State Street Corp boosted its holdings in Twist Bioscience by 53.9% during the second quarter. State Street Corp now owns 3,816,188 shares of the company’s stock valued at $133,414,000 after purchasing an additional 1,335,779 shares in the last quarter. BlackRock Inc. boosted its holdings in Twist Bioscience by 13.2% during the first quarter. BlackRock Inc. now owns 6,213,441 shares of the company’s stock valued at $93,699,000 after purchasing an additional 725,733 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Twist Bioscience by 19.2% during the fourth quarter. JPMorgan Chase & Co. now owns 3,895,151 shares of the company’s stock valued at $92,743,000 after purchasing an additional 626,497 shares in the last quarter. Avidity Partners Management LP bought a new position in shares of Twist Bioscience in the fourth quarter valued at approximately $14,548,000. Finally, Nordea Investment Management AB bought a new position in shares of Twist Bioscience in the first quarter valued at approximately $7,472,000.

Twist Bioscience Price Performance

The business’s 50 day moving average price is $20.23 and its 200-day moving average price is $18.77. The company has a market cap of $1.31 billion, a P/E ratio of -6.10 and a beta of 1.26.

Twist Bioscience Company Profile

(Get Free Report)

Twist Bioscience Corporation, a synthetic biology company, manufactures and sells synthetic DNA-based products. The company's DNA synthesis platform enables the manufacturing of synthetic DNA by writing DNA on a silicon chip. It offers synthetic DNA-based products, including synthetic genes, tools for sample preparation, antibody libraries for drug discovery and development, and DNA as a digital data storage medium.