Why Twist Bioscience Stock Is Tanking Today

Shares of Twist Bioscience (NASDAQ: TWST) were tanking by 20.2% as of 11:22 a.m. EST on Friday. The steep drop came after the next-generation sequencing company announced its fiscal 2021 first-quarter results following the market close on Thursday. While Twist's results beat expectations, J.P. Morgan analyst Tycho Peterson nonetheless downgraded the stock to underweight from neutral.

Twist reported its revenue soared nearly 64% year over year in fiscal Q1 to $28.2 million. Its bottom line also improved. The company announced a net loss of $32.9 million, or $0.72 per share. But that was a lot better than the loss of $55.6 million, or $1.69 per share, posted in the prior-year period.

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Source Fool.com