Repligen upgraded to Buy from Neutral at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju upgraded Repligen to Buy from Neutral and raised his price target for the shares to $110 from $65. Buy. Last week, Repligen completed both an equity offering that raised roughly $138M in gross proceeds and a convertible note offering that raised $287.5M in gross proceeds, Selvaraju tells investors in a research note. With its cost of capital well below expectations, Repligen now has "substantial firepower," adds the analyst. He sees the low cost of capital as an indication of investor willingness to fund Repligen's long-term expansion strategy and the strong demand for the company's securities "as an endorsement of management's track record of execution and multi-faceted business model."