Repligen price target lowered to $207 from $220 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Repligen to $207 from $220 and keeps a Buy rating on the shares. Following weak reports from peers/competitors, the firm believes investors were pricing in disappointing results and guidance for Repligen as well. While Q1 results were better than anticipated with the base business seeing 7% CC growth, management trimmed full year 2023 guidance due to weak demand in the APAC region, specifically China, where orders were down 40% sequentially and 60% year-over-year. Craig-Hallum believes investors may have also been concerned about Repligen’s exposure to the small pharma/biotech market, but with management pegging that market segment at 10% of revenues and many of those customers focused on C&GT, the firm thinks those fears are unwarranted.