On June 24, Twist Bioscience rose 5.2% in regular trading, trading at approximately $89.16/share, with turnover of $18.32 million, recovering the losses triggered by dilution concerns earlier in the week.
On the news front, Canaccord Genuity issued a Buy rating on Twist Bioscience with a $90 price target, significantly above the market consensus target of $73.12. The bullish call provided strong support as the stock approached the $90 target level, helping the market digest the prior negative catalyst.
Earlier, the company filed a shelf registration statement with the SEC covering potential issuance of common stock, preferred stock, debt securities, warrants, and units, including an at-the-market program for up to $200 million in common stock. The filing had triggered a sharp pre-market decline of over 5% on dilution fears. With the investment bank endorsement reinforcing confidence in the company's valuation, the stock rapidly recouped those losses.
Twist Bioscience is a synthetic biology platform company that develops silicon-chip-based DNA synthesis technology, combining proprietary software with scalable commercial infrastructure to serve healthcare, food and agriculture, industrial chemicals, and data storage markets.
(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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