Here’s Why Baron Discovery Fund Sold Repligen Corporation (RGEN)

Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Discovery Fund featured stocks like Repligen Corporation (NASDAQ:RGEN) in the first quarter 2024 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On May 14, 2024, Repligen Corporation (NASDAQ:RGEN) stock closed at $172.48 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was 8.22%, and its shares gained 13.84% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $9.749 billion.

Baron Discovery Fund stated the following regarding Repligen Corporation (NASDAQ:RGEN) in its first quarter 2024 investor letter:

“We trimmed our position in Repligen Corporation (NASDAQ:RGEN), a life science tools supplier to the bioprocessing industry. 2023 had been a year of headwinds including customer destocking, biopharmaceutical funding constraints, and weakness in China. Estimates have moved lower and the recovery is taking longer than expected, while valuation has moved up significantly to levels where we wanted to de-risk a bit. We still like the company’s long-term positioning.”

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 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of the fourth quarter which was 16 in the previous quarter.

In another article we discussed Repligen Corporation (NASDAQ:RGEN) and shared Baron Health Care Fund’s views on the company in the previous quarter. Baron Health Care Fund believes in the long-term growth potential of Repligen Corporation (NASDAQ:RGEN) and added it to its portfolio in the first quarter. In addition, please check out our hedge fund investor letters Q1 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.