William Blair analyst Matt Larew has maintained their neutral stance on MRVI stock, giving a Hold rating on February 26.
Matt Larew has given his Hold rating due to a combination of factors impacting Maravai Lifesciences Holdings. The company recently missed the deadline for filing its 2024 10-K, which followed a postponement of its fourth-quarter and full-year earnings release. This delay was attributed to the need for additional time to complete the year-end review process, including addressing a non-cash impairment charge related to the Alphazyme acquisition and a revenue recognition error.
Despite these challenges, the non-cash nature of the impairment and the minimal impact of the revenue recognition error on full-year revenue are seen as positives. However, the delay in filing and the potential issues with internal controls over financial reporting could undermine investor confidence. Given the stock’s recent sell-off and its current trading valuation relative to peers, Larew has opted for a Hold rating, indicating a neutral stance until further clarity is provided by the company’s forthcoming results and outlook.
In another report released on February 26, Robert W. Baird also downgraded the stock to a Hold with a $3.00 price target.