Repligen Corp (NASDAQ:RGEN)

I uncovered Repligen in 2013 when it was trading at a lowly $10 per share. At that time few had realized it was no longer developing drug candidates (risky, expensive, time-consuming -- apparently the TMF description for the company has yet to update) and instead focusing on supplying biologics manufacturers in the biopharma industry. And, of course, as a bioprocess engineer myself I'm biased towards bioprocessing companies. Duh.

I made a few hundred points and ended my original pick near $30 per share. Now I'm back in at $25 per share. Do I think this is really worth almost $1 billion? You could argue not, but I'm not betting against the high-margin growth prospects ahead, the cash-generation machine underpinning that growth, or management that loves to snatch up complimentary technologies through acquisitions and then integrate those products to boost growth. That generates more cash, which can then be used for more and/or bigger acquisitions, and the cycle continues. Nearly every product now sold by Repligen has been introduced through an acquisition, and management is showing no signs of laying off the trigger anytime soon.

In short, there's plenty of room to grow market share in its primary markets (which are also growing). Repligen may get punished when the broader biotech industry gets slapped on the wrist from time to time, but I like the long term prospects for the business. And remember, I'm biased.