Multiple Headwinds Impacted Repligen Corp. (RGEN)’s Performance in Q2
Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 8.52% net of fees in the second quarter, compared to the Russell 2500 Growth Index’s 6.41% return. A mix of both sector allocation and stock selection contributed positively to the relative return of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Smid Strategy highlighted stocks like Repligen Corporation (NASDAQ:RGEN) in the second quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On August 9, 2023, Repligen Corporation (NASDAQ:RGEN) stock closed at $172.85 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was 15.06%, and its shares lost 32.54% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $9.624 billion.
Conestoga SMid Strategy made the following comment about Repligen Corporation (NASDAQ:RGEN) in its second quarter 2023 investor letter:
"Repligen Corporation (NASDAQ:RGEN): RGEN is a provider of tools used by biotechnology companies. The company reported 1Q23 results for revenue and EPS modestly above expectations. However, given persistent broader biotech industry challenges (inventory destocking post the Covid peak and restrained spending activity), as well as significant China softness, RGEN lowered FY23 guidance. Despite these headwinds, we believe RGEN’s product portfolio remains solid, and we expect improved growth in 2024 and beyond."
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Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of first quarter which was 29 in the previous quarter.
We discussed Repligen Corporation (NASDAQ:RGEN) in another article and shared Baron Asset Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
