Barclays Initiates Repligen at Overweight, Sees Sell-Off as Overdone

Barclays initiated coverage on Repligen Corporation (NASDAQ:RGEN) with an Overweight rating and a $150 price target, citing the company’s favorable positioning within the bioprocessing space and attractive exposure to early-stage clinical workflows.

As a pure-play bioprocessing firm, Repligen benefits from relative insulation against the broader macro headwinds impacting the life sciences tools sector. Barclays highlighted the company’s strong weighting toward clinical-stage manufacturing, which allows its products to be embedded earlier in the drug development process and grow into commercial-scale volumes as therapies advance.

While concerns around weakening demand for cell and gene therapies remain a key bear case—especially amid high-profile exits from AAV programs by companies like Vertex, Takeda, and Pfizer—Barclays sees reasons for optimism. Pipeline data shows continued growth in the cell and gene therapy space, albeit at a slower pace than during the 2020–2022 boom.

Barclays also believes the recent 20% drop in Repligen shares—sparked by safety-related headlines from Sarepta Therapeutics in March—has been overblown, especially with the broader market up 6% over the same period. The firm sees this as a buying opportunity, viewing Repligen as a well-positioned player in a resilient and strategically important segment of biotech manufacturing.