Bank of America Corp DE Grows Stake in Twist Bioscience Corporation $TWST

Key Points

• Bank of America increased its Twist Bioscience stake by 46.3% in the first quarter, bringing its holdings to 584,261 shares worth approximately $27.8 million.
• Twist Bioscience reported quarterly revenue of $118.4 million, up 23.2% year over year and above estimates, but its adjusted loss of $0.56 per share missed expectations. Analysts expect the company to remain unprofitable this year.
• The stock opened at $118.57, near its 52-week high, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $98.30; meanwhile, insiders have sold roughly $17.7 million in shares over the past 90 days.

Bank of America Corp DE boosted its holdings in shares of Twist Bioscience Corporation (NASDAQ:TWST - Free Report) by 46.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 584,261 shares of the company's stock after purchasing an additional 184,907 shares during the quarter. Bank of America Corp DE owned about 0.94% of Twist Bioscience worth $27,764,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quarry LP bought a new stake in Twist Bioscience in the 3rd quarter valued at $28,000. Strs Ohio purchased a new stake in shares of Twist Bioscience in the first quarter worth about $33,000. Strategic Advocates LLC boosted its stake in Twist Bioscience by 562.7% during the fourth quarter. Strategic Advocates LLC now owns 1,067 shares of the company's stock valued at $34,000 after buying an additional 906 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Twist Bioscience by 68.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,400 shares of the company's stock valued at $44,000 after buying an additional 571 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Twist Bioscience by 89.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 958 shares of the company's stock valued at $46,000 after buying an additional 453 shares in the last quarter.

Twist Bioscience Price Performance

NASDAQ TWST opened at $118.57 on Monday. The company has a quick ratio of 2.38, a current ratio of 2.67 and a debt-to-equity ratio of 0.03. Twist Bioscience Corporation has a 52 week low of $23.30 and a 52 week high of $126.40. The firm has a market capitalization of $7.44 billion, a price-to-earnings ratio of -53.41 and a beta of 2.14. The company has a fifty day moving average of $94.56 and a two-hundred day moving average of $67.32.

Twist Bioscience (NASDAQ:TWST - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.05). The firm had revenue of $118.38 million during the quarter, compared to analysts' expectations of $114.55 million. Twist Bioscience had a negative net margin of 31.66% and a negative return on equity of 28.64%. The company's revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. On average, analysts predict that Twist Bioscience Corporation will post -2.12 earnings per share for the current year.

Insider Activity

In related news, CEO Emily M. Leproust sold 113,318 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $125.16, for a total value of $14,182,880.88. Following the sale, the chief executive officer directly owned 818,938 shares of the company's stock, valued at $102,498,280.08. This represents a 12.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Paula Green sold 291 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $87.32, for a total transaction of $25,410.12. Following the completion of the sale, the senior vice president directly owned 120,414 shares in the company, valued at $10,514,550.48. This trade represents a 0.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 151,529 shares of company stock valued at $17,708,772. 3.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. UBS Group set a $89.00 price objective on Twist Bioscience in a research note on Monday, June 15th. Evercore downgraded Twist Bioscience from an "outperform" rating to an "in-line" rating and set a $102.00 target price for the company. in a research report on Monday, July 6th. TD Cowen reissued a "buy" rating on shares of Twist Bioscience in a report on Monday, August 3rd. Piper Sandler boosted their price target on shares of Twist Bioscience from $85.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Canaccord Genuity Group boosted their price target on shares of Twist Bioscience from $90.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.30.

Twist Bioscience Profile

Twist Bioscience Corporation is a synthetic biology company specializing in the development and commercialization of DNA-based products and solutions. Founded in 2013 and headquartered in South San Francisco, California, the company has pioneered a proprietary silicon-based DNA synthesis platform designed for high-throughput production of synthetic genes and oligonucleotides. Twist leverages semiconductor manufacturing techniques to enable precise, scalable synthesis of DNA at speeds and volumes unattainable with traditional methods.

At the core of Twist's offering is its proprietary platform that automates the synthesis of custom DNA fragments, gene libraries, and long oligonucleotides.

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