In August, a technical report tied to Anthropic helped trigger a short squeeze that pushed Twist Bioscience shares back toward $200, matching the stock's 2021 high after an earlier 95% collapse.
Author Nathaniel Horwitz says his own experience using Twist alongside Anthropic on a separate project, interviews with Twist executives and biotech experts, and a review of the company's financials suggest the valuation may have overshot again. The report, published by Hunterbrook, lays out the bull case before challenging it.
Ticker: TWST (Twist Bioscience)
Research Firm: Hunterbrook
Report URL: https://hntrbrk.com/investigations/twist?ref=shortreport.fyi
Report date: 2026-11-05
Position Disclosure: Hunterbrook Capital does not have any positions related to this article at the time of publication. Positions may change at any time.
Free preview only: This post is based solely on the free preview of this report by HUNTERBROOK. The full report is available to paid subscribers only. All research and analysis credit belongs to HUNTERBROOK.
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Thesis
Hunterbrook argues that renewed AI-fueled enthusiasm has again pushed Twist Bioscience's stock price ahead of a business that faces real competitive and valuation headwinds.
- AI squeeze origin: An August technical report linked to Anthropic led many investors to believe Twist was partnered with the AI firm, fueling a short squeeze that returned TWST to roughly $200, its 2021 high.
- Prior collapse: After that 2021 peak, TWST had fallen 95%.
- Crowded market: Several other vendors provide similar DNA synthesis, protein assessment, and reagent services at similar prices, and Twist faces competition across essentially everything it offers.
- Premium valuation: TWST already trades at the highest multiple among its lab-vendor peers.
- Founder litigation: CEO Emily Leproust, who co-founded Twist in 2013, settled litigation with her prior employer Agilent over alleged theft of the company's foundational technology, paying $22.5 million without admitting wrongdoing.
"My experience using Twist with Anthropic, interviews with Twist executives and biotech experts, and a detailed review of its financials suggest that the valuation may have overshot again."
— Nathaniel Horwitz, Hunterbrook
FAQs
What does Hunterbrook say about TWST's current price?
Hunterbrook says the stock's return to around $200, near its 2021 high, may have overshot the underlying business again. That view follows an August short squeeze tied to a technical report that investors linked to Anthropic.
What does Twist Bioscience actually sell?
Twist sells DNA for genes and protein for drug candidates, assesses properties like a drug candidate's ability to bind its target, and sells reagents used in sequencing. It serves biomedical clients across these life science tool categories.
Why does Hunterbrook believe the valuation may be stretched?
Hunterbrook points to competition: several other vendors offer similar services at similar prices, and Twist faces rivals across nearly everything it sells. It also notes TWST already trades at the highest multiple among its peers.
What happened to Twist's CEO in past litigation?
Emily Leproust, who co-founded Twist in 2013, settled a lawsuit with her former employer Agilent over alleged theft of the foundational technology behind the company. She paid $22.5 million without admitting wrongdoing.
The full report is for paid subscribers. Read it from HUNTERBROOK at https://hntrbrk.com/investigations/twist.
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