William Blair analyst John Kreger believes the size of Repligen's latest $350M capital raise "will likely prompt some concern," given initial dilution of roughly 2% and total longer-term dilution of closer to 5%, assuming the new debt converts into common stock. However, the company's Q2 pre-release commentary appears "very encouraging," Kreger tells investors in a research note. The analyst believes Repligen is serving a "very strong" bioprocessing end-market and is expanding its market potential. As such, he sees a "compelling upward bias" to fundamentals and estimates. Kreger keeps an Outperform rating on the shares.