H.C. Wainwright maintains Buy on Repligen, target at $180

On Friday, Repligen Corporation (NASDAQ:RGEN) received a reaffirmed Buy rating and a $180.00 price target from analysts at H.C. Wainwright. The endorsement comes after Repligen’s recent announcement of its fourth-quarter and full-year financial results for 2024, and the provision of its financial outlook for 2025. The stock has shown strong momentum recently, gaining over 10% in the past week, though InvestingPro data indicates it’s currently trading above its Fair Value. With a market capitalization of $9.13 billion, Repligen remains a significant player in the bioprocessing industry.

Repligen reported fourth-quarter revenue of $167.5 million, aligning with H.C. Wainwright’s projections. The full-year revenue for 2024 reached $634.4 million, which was also in line with the firm’s estimates, maintaining a healthy gross margin of 43.29%. Looking ahead, Repligen has set its 2025 revenue guidance to range between $685 million and $710 million. H.C. Wainwright’s current forecast is slightly below at $697.1 million, a minor adjustment from the previous $699.6 million. According to InvestingPro analysis, while the company wasn’t profitable in the last twelve months, net income is expected to grow this year. For deeper insights into Repligen’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

The company anticipates GAAP net earnings per diluted share for the full year of 2025 to be between $0.90 and $0.99. This projection sits comfortably within the forecast by H.C. Wainwright, which expects GAAP net earnings of $0.95 per diluted share.

Repligen’s fourth-quarter revenue showed a robust 13% growth year-over-year, excluding COVID-19-related revenue, even after accounting for a two-point currency headwind. The company’s orders exceeded sales by 6%, propelled by demand for its filtration and analytics products. The third quarter of 2024 saw a strong momentum in CDMOs and capital equipment, which carried into the fourth quarter, with sequential revenues rising by 20% and 30%, respectively.

Amidst a backdrop of potential risks, including market factors in China and demands from emerging biotech firms, the bioprocessing market is showing signs of renewed growth. Repligen has also recently completed the acquisition of Tantti Laboratory Inc., a move that enhances its offerings in protein and chromatography, particularly in new modalities.

Furthermore, Repligen launched AVIPure dsRNA resin, marking a significant innovation as the industry’s first affinity resin designed specifically for the removal of double-stranded RNA (dsRNA). This product is expected to be pivotal for mRNA-based therapeutics and vaccines.

In light of these developments and Repligen’s performance, H.C. Wainwright has reiterated their confidence in the company with a Buy rating and a 12-month price target of $180 per share. InvestingPro reveals several additional insights about Repligen’s potential, with 5 more exclusive ProTips available to subscribers, along with detailed valuation metrics and peer comparison tools that can help investors make more informed decisions.

In other recent news, Repligen Corporation reported its fourth-quarter 2024 earnings, exceeding analyst expectations with an earnings per share (EPS) of $0.44 compared to the forecasted $0.41. The company also slightly surpassed revenue projections, reporting $168 million against the expected $167.67 million. Repligen has provided an optimistic forecast for fiscal year 2025, with revenue projections set between $685 million and $710 million, exceeding the consensus forecast of $692.8 million. The company is anticipating EPS for the same period to range from $1.67 to $1.76, compared to the consensus estimate of $1.71.

KeyBanc Capital Markets maintained its Overweight rating on Repligen with a price target of $220, highlighting the company’s strong fourth-quarter performance and positive industry growth indicators. Meanwhile, Canaccord Genuity raised its 12-month price target for Repligen to $170, maintaining a Hold rating, citing a modest enhancement in the company’s margin expansion. Jefferies also increased its price target to $165 while retaining a Hold rating, acknowledging Repligen’s strong results and slightly ahead 2025 guidance.

Repligen’s recent achievements include a significant increase in orders, particularly in the Filtration and Analytics franchises, and a notable sequential rise in revenues from Contract Development and Manufacturing Organizations (CDMOs) and capital equipment. The company’s strategic initiatives, such as the acquisition of Tantti Laboratory Inc. and the launch of innovative products, are expected to contribute to future growth. Repligen’s management has expressed confidence in achieving its 2025 guidance, supported by strong order momentum and a focus on expanding product offerings.

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