Artisan Mid Cap Fund on Twist Bioscience Corporation
Thesis
Twist Bioscience uses proprietary silicon-based DNA writing technology in drug discovery, diagnostics and other life sciences applications. Revenue grew 23% year over year, exceeding expectations as DNA synthesis and protein solutions improved. AI-related demand further supported the business. The manager trimmed after substantial share-price appreciation rather than exiting the investment.
“We trimmed the position following strong share-price appreciation.”
Key risks
- The recent share-price rally has reduced valuation headroom.
- Demand from DNA synthesis, protein solutions and AI-related applications may not sustain the recent growth rate.