Repligen Corporation (RGEN) Fell Due to CEO Transition
Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) declined -5.80% (net of fees) underperforming the Russell Midcap Index’s -3.35% return. Stock selection drove the underperformance of the portfolio. The portfolio's strong holdings can mitigate market downturns and capitalize on growth opportunities as cyclical pressures decrease and long-term trends prevail. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Mid Cap Fund highlighted stocks like Repligen Corporation (NASDAQ:RGEN) in the second quarter 2024 investor letter. Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. The one-month return of Repligen Corporation (NASDAQ:RGEN) was -10.95%, and its shares lost 8.89% of their value over the last 52 weeks. On September 6, 2024, Repligen Corporation (NASDAQ:RGEN) stock closed at $147.07 per share with a market capitalization of $8.237 billion.
Parnassus Mid Cap Fund stated the following regarding Repligen Corporation (NASDAQ:RGEN) in its Q2 2024 investor letter:
"Repligen Corporation (NASDAQ:RGEN), a leading bioprocessing company, posted a soft first-quarter revenue result. The stock fell further after the company announced a CEO transition. We are pleased that the well-regarded outgoing CEO will remain as executive chair. We believe Repligen is well positioned to benefit once the cyclical downturn reverses."
A technician in a lab inspecting an ELISA test kit for use in biopharmaceutical diagnostics.
Repligen Corporation (NASDAQ:RGEN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of the second quarter which was 32 in the previous quarter. Repligen Corporation (NASDAQ:RGEN) reported $154 million in revenues in the second quarter, a decline of 3% year-over-year. While we acknowledge the potential of Repligen Corporation (NASDAQ:RGEN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Repligen Corporation (NASDAQ:RGEN) and shared Baron Discovery Fund's views on the company. In addition, please check out our hedge fund investor letters Q2 2024 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.