Value
3.3/10data confidence 83%| Component | Sub-score |
|---|---|
| P/E | 0.0 |
| P/S | 3.9 |
| Fwd P/E | 2.3 |
| PEG | 4.5 |
| Analyst target | 6.0 |
- ▸Forward P/E: 49.6x
- ▸PEG: 1.99
RGEN · Why this verdict
Why Repligen (RGEN) is rated SELL
Updated
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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VerdictSELL
Overall score5.2/10
ConfidenceMEDIUM
MacroNEUTRAL
TrendMatrix Research · core thesis
Engine thesis — one sentence
Repligen Corporation carries exceptional business quality with a perfect Piotroski F-Score of 9/9 and 134% free cash flow conversion, and analysts see 21% upside, but the stock trades at a forward P/E of 51.4x while sitting below its 200-day moving average with elevated bearish options positioning.
Falsifiable statement — pillar-level invalidators below. Engine-derived; not personalized advice.
Thesis pillars
| Pillar | Expectation | Trend |
|---|---|---|
Repligen earned a perfect Piotroski F-Score of 9/9 with 134% free cash flow conversion relative to net income and a confirmed competitive moat score of 7.1 out of 10, indicating a high-quality business model in medical instruments and bioprocessing supplies. Quality breakdown | Piotroski F-Score remains at 8 or above and free cash flow conversion stays above 100% of net income over the next 4 quarters. | →Stable |
| CounterDespite the strong quality indicators, return on equity and return on assets are both scored near the bottom of the quality dimension, suggesting the moat has not yet translated into superior capital returns. | ||
The company has beaten earnings estimates in 3 of the last 4 quarters with average positive surprises of 22.9%, 10.4%, and 10.9% in the three most recent beats, demonstrating consistent outperformance of consensus expectations. Earnings | Earnings beats continue in at least 3 of the next 4 quarters, with average surprise remaining above 5%. | →Stable |
| CounterThe one miss in July 2025 saw a -5% shortfall, and with a forward P/E of 51.4x, any earnings disappointment at this valuation level could produce outsized stock price declines. | ||
At a forward P/E of 51.4x and PEG of 2.06, the stock commands a significant growth premium, with analysts still seeing 21% upside to a price target of approximately $158, suggesting the premium is supported by expected growth acceleration. Valuation breakdown | The stock reaches at least $155 within 18 months as earnings growth justifies the valuation premium. | →Stable |
| CounterA PEG ratio above 2.0 combined with a stock trading below its 200-day moving average indicates that growth expectations may already be partially de-rated, with further valuation compression possible if growth disappoints. | ||
The elevated put/call ratio of 1.62 and implied volatility of 84% indicate meaningful bearish hedging activity in the options market, which combined with 11% short interest suggests significant skepticism about near-term price appreciation. Risk breakdown | Put/call ratio declines below 1.0 and short interest falls below 7% over the next 12 months as the earnings recovery thesis proves out. | →Stable |
| CounterElevated put/call ratios can be contrarian signals when institutional hedgers are protecting existing long positions rather than expressing directional bearish views, especially when underlying business quality is high. | ||
Repligen earned a perfect Piotroski F-Score of 9/9 with 134% free cash flow conversion relative to net income and a confirmed competitive moat score of 7.1 out of 10, indicating a high-quality business model in medical instruments and bioprocessing supplies.
→StableQuality breakdown
- Expectation
- Piotroski F-Score remains at 8 or above and free cash flow conversion stays above 100% of net income over the next 4 quarters.
CounterDespite the strong quality indicators, return on equity and return on assets are both scored near the bottom of the quality dimension, suggesting the moat has not yet translated into superior capital returns.
The company has beaten earnings estimates in 3 of the last 4 quarters with average positive surprises of 22.9%, 10.4%, and 10.9% in the three most recent beats, demonstrating consistent outperformance of consensus expectations.
→StableEarnings
- Expectation
- Earnings beats continue in at least 3 of the next 4 quarters, with average surprise remaining above 5%.
CounterThe one miss in July 2025 saw a -5% shortfall, and with a forward P/E of 51.4x, any earnings disappointment at this valuation level could produce outsized stock price declines.
At a forward P/E of 51.4x and PEG of 2.06, the stock commands a significant growth premium, with analysts still seeing 21% upside to a price target of approximately $158, suggesting the premium is supported by expected growth acceleration.
→StableValuation breakdown
- Expectation
- The stock reaches at least $155 within 18 months as earnings growth justifies the valuation premium.
CounterA PEG ratio above 2.0 combined with a stock trading below its 200-day moving average indicates that growth expectations may already be partially de-rated, with further valuation compression possible if growth disappoints.
The elevated put/call ratio of 1.62 and implied volatility of 84% indicate meaningful bearish hedging activity in the options market, which combined with 11% short interest suggests significant skepticism about near-term price appreciation.
→StableRisk breakdown
- Expectation
- Put/call ratio declines below 1.0 and short interest falls below 7% over the next 12 months as the earnings recovery thesis proves out.
CounterElevated put/call ratios can be contrarian signals when institutional hedgers are protecting existing long positions rather than expressing directional bearish views, especially when underlying business quality is high.
Per-dimension breakdown
Quality
5.2/10data confidence 100%| Component | Sub-score |
|---|---|
| ROE | 0.8 |
| ROA | 0.8 |
| Gross margin | 6.6 |
| Op margin | 3.6 |
| Net margin | 3.4 |
| Current ratio | 5.0 |
| FCF quality | 9.5 |
| Moat | 7.1 |
| Piotroski F | 10.0 |
- ▸Excellent cash conversion: 134% FCF/NI
- ▸Strong Piotroski F-Score: 9/9
Growth
8.1/10data confidence 67%| Component | Sub-score |
|---|---|
| Rev growth | 6.2 |
| EPS growth | 10.0 |
Momentum
6.2/10data confidence 100%| Component | Sub-score |
|---|---|
| RSI | 5.0 |
| MACD | 10.0 |
| OBV | 1.0 |
| MA position | 9.0 |
| Volume | 5.8 |
- ▸Volume distribution (falling OBV)
- ▸Above 200-day MA
Sentiment
6.1/10data confidence 100%| Component | Sub-score |
|---|---|
| Analyst rating | 5.0 |
| Price target | 8.4 |
| erm sentiment | 5.0 |
- ▸Analyst upside: 27%
Insider
5.0/10data confidence 50%| Component | Sub-score |
|---|---|
| materiality | 5.0 |
| holder change | 5.0 |
- ▸Insider selling (low materiality) — $536,480 (0.008% of mkt cap)
Peer rank
3.2/10data confidence 80%| Component | Sub-score |
|---|---|
| value rank | 0.4 |
| quality rank | 5.0 |
| growth rank | 7.5 |
Technical
2.9/10data confidence 100%| Component | Sub-score |
|---|---|
| bollinger | 0.2 |
| support resistance | 0.7 |
| 52w position | 5.7 |
| gap | 5.0 |
Risk (lower is worse)
4.3/10data confidence 100%| Component | Sub-score |
|---|---|
| short interest | 4.7 |
| days to cover | 6.3 |
| volatility | 0.6 |
| put call | 0.0 |
| implied vol | 4.4 |
| max pain risk | 3.0 |
| beta | 6.7 |
| debt equity | 8.7 |
- ▸Elevated put/call: 4.65
- ▸Above max pain $80
- ▸Concentration risks: 1 HIGH, 2 MED (10-K Item 1A — sized via position_sizing, validated via buy_confidence)
Catalyst
6.0/10data confidence 100%| Component | Sub-score |
|---|---|
| erm | 5.0 |
| earnings history | 6.7 |
| earnings timing | 5.0 |
| surprise avg | 7.4 |
- ▸Strong earnings: 3B/1M
How the verdict was assembled
Engine trigger
Multiple concerning factors. Consider reducing position.
Engine technical detail
verdict_path:
L4:PATH_F_SELLPassed (7)
- MOMENTUM:6.2>=5.5
- INSIDER:OK
- 8K:CLEAN
- NEWS_EVENTS:NONE_RECENT
- EARNINGS_PROXIMITY:41d clear
- SEMI_CYCLE_PEAK:CLEAR
- MATERIALS_CYCLE_PEAK:CLEAR
Failed (1)
- ASYMMETRY:1.0<1.5@spot
Warning (0)
none
Reward-to-Risk
0.97
Upside
+14.5%
Downside
15.0%
Sizing output
AVOID
SetupMOMENTUM_CONT — Trend continuation, RSI 69, MACD bullish
EdgeNO_EDGE — No clear edge identified
SuitabilityMODERATE — Balanced profile
Investment implication
The F-path SELL output reflects an overall score of 5.2 below the 5.6 soft trigger — multiple weakening dimensions accumulated rather than a single hard-floor breach. The strongest dimension ( Growth at 8.1) was not enough to lift the adjusted overall above the threshold. Co-occurring failed gates ( ASYMMETRY:1.0<1.5@spot) reinforce the read. Current asymmetry R:R is 0.97 — supplementary context, not the trigger for this path.
The strongest dimensions are Growth at 8.1, Momentum at 6.2, and Sentiment at 6.1; the weakest are Technical at 2.9, Peer rank at 3.2, and Value at 3.3. The V9 engine flagged 1 failed gate, producing an asymmetric reward-to-risk of 0.97 and an engine sizing output of AVOID.
What would invalidate the thesis
Falsifying conditions — when triggered, the corresponding pillar's thesis is invalidated.
- P1Repligen earned a perfect Piotroski F-Score of 9/9 with 134% free cash flow conversion relative to net income and a confirmed competitive moat score of 7.1 out of 10, indicating a high-quality business model in medical instruments and bioprocessing supplies.
Trip ifPiotroski F-Score drops below 7 in any reported period or free cash flow conversion falls below 80% of net income.
- P2The company has beaten earnings estimates in 3 of the last 4 quarters with average positive surprises of 22.9%, 10.4%, and 10.9% in the three most recent beats, demonstrating consistent outperformance of consensus expectations.
Trip ifEarnings surprise falls below -5% in at least 2 of the next 4 quarters.
- P3At a forward P/E of 51.4x and PEG of 2.06, the stock commands a significant growth premium, with analysts still seeing 21% upside to a price target of approximately $158, suggesting the premium is supported by expected growth acceleration.
Trip ifStock fails to reach above $155 within 18 months from today's price of $130.87.
- P4The elevated put/call ratio of 1.62 and implied volatility of 84% indicate meaningful bearish hedging activity in the options market, which combined with 11% short interest suggests significant skepticism about near-term price appreciation.
Trip ifPut/call ratio rises above 2.0 or short interest rises above 15%.