Repligen initiated with a Hold at Canaccord

Canaccord initiated coverage of Repligen (RGEN) with a Hold rating and $165 price target The company delivers configurable bioprocessing products and systems that are used in the production of biologic drugs, the analyst tells investors in a research note. The firm believes Repligen will execute on its growth strategy given its “novel technology, attractive market opportunity and recent growth investments.” However, bioprocessing spending remains negatively impacted by macro factors, and it is relatively unclear when a rebound will occur, the analyst tells investors in a research note. As such, it believes the shares are fairly valued at current levels.