Repligen price target lowered to $210 from $240 at KeyBanc

KeyBanc lowered the firm’s price target on Repligen (RGEN) to $210 from $240 to reflect a contraction in peer group multiple, while keeping an Overweight rating on the shares. Even though Sartorius posted sequentially high order growth in its BioProcess division two weeks ago, investors lost belief in a destocking turnaround with Danaher (DHR), citing no improvement last week, and Thermo Fisher (TMO) providing a framework of slower industry growth. Repligen cited significant strength in pharma driving its book-to-bill of 1.07-times in Q3, with pharma orders up 50% sequentially or +23% year-over-year. The firm sees visibility significantly improved for Repligen and bioprocess peers like Danaher.