Shares of the bioprocessing giant Repligen Corporation (RGEN 1.86%) are glowing green today. Specifically, the biotech's stock was up by as much as 14.9% earlier today. Repligen's shares have cooled off slightly since hitting this high water mark early on in Tuesday's session. But they were still up by a healthy 10.8% as of 2:04 p.m. ET Tuesday.
What's sparking this breakout? Ahead of the opening bell, Repligen posted 2022 second-quarter financial results that topped Wall Street's consensus estimates for both its bottom and top lines. Perhaps most importantly, though, the company also raised its 2022 annual revenue guidance to between $790 million to $810 million. Previously, Repligen said it was expecting 2022 sales to come in at between $770 million to $800 million.
Despite today's double-digit uptick, Repligen's shares are still down by over 10% for the year. The biotech's stock was unable to shrug off the marketwide downturn earlier this year.
That being said, Repligen's shares have been on the mend since hitting an intrayear low back in mid-June. Today's strong financial results ought to help with the stock's ongoing recovery effort.
Is Repligen stock a screaming buy right now? I think so. The company's bioprocessing business has proven to be resilient during a time when most other companies are cutting back. What's more, Repligen still has a long way to go before hitting peak growth. In short, this large-cap biotech stock definitely has more room to run.