Twist Bioscience rises after upsized $300 mln share sale
TWST•Shares rise after upsized follow-on pricing
Twist Bioscience's TWST.O shares were up 1.2% at $100.62 before the bell on Wednesday after an above-target $300 million follow-on offering was priced.
The biotech firm late Tuesday sold about 3.1 million shares at $96.
The offering size was increased from $250 million and priced at a 3.5% discount to the last sale.
The company said it intends to use net offering proceeds for research and development, expansion of manufacturing capacity, product offerings, and the remainder for other purposes.
Goldman Sachs, William Blair, Leerink and Guggenheim were joint bookrunners.
The South San Francisco, California-based firm has about 62.7 million shares outstanding.
Through Tuesday, the stock had more than tripled year to date.
The average rating of 10 analysts is "buy"; the median price target is $115, according to LSEG data.
