On June 25, Twist Bioscience rose 6.12% in regular trading, reaching $93.57 per share with turnover of $23.44 million, breaking above the $90 price target previously set by Canaccord Genuity.
The rally extends a sharp recovery from dilution concerns triggered when the company filed a shelf registration statement with the SEC covering potential issuance of up to $200 million in common stock under an at-the-market program. The filing initially sent shares down over 5%. However, sentiment quickly reversed after Canaccord Genuity initiated coverage with a Buy rating and $90 target price — significantly above the consensus target of $73.12. Multiple other investment banks had also upgraded ratings following Q2 results in early May, with Leerink raising its rating to Outperform and lifting its target to $70.
Fundamentally, Twist Bioscience reported Q2 revenue of $110.7 million beating estimates, issued Q3 guidance of $114-115 million above the $111.3 million consensus, and expects adjusted EBITDA breakeven by fiscal Q4, supporting the bullish institutional outlook.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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