RGEN - Why Repligen Stock Is Sinking Today
2023-04-25 14:07:06 ET
Shares of bioprocessing technology company Repligen (NASDAQ: RGEN) were down by 10% on heavy volume as of 12:42 p.m. ET Tuesday. That steep decline appears to be connected to the first-quarter earnings report of its fellow bioprocessing and lab specialist, Sartorius (OTC: SUVP.F) , which missed analysts' consensus estimates.
Sartorius, a European-based lab solutions company, delivered its Q1 report last Thursday. The biotechnology company noted that demand normalization in its life sciences unit as the market for its COVID-related products dried up resulted in declines in sales and earnings.
Why is a European company's earnings report from last week weighing on Repligen's shares on Tuesday? Repligen is set to release its own Q1 report on May 2. Investors are apparently worried that the headwinds that sapped the momentum from Sartorius are affecting its segment more broadly, and that Repligen, too, will miss Wall Street's consensus estimates on the top and bottom lines.
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Why Repligen Stock Is Sinking Today