Maravai Lifesciences downgraded to Neutral from Outperform at Baird

Baird downgraded Maravai Lifesciences (MRVI) to Neutral from Outperform with a price target of $3, down from $9, after the company announced the postponement of its Q4 earnings and the filing of its annual report. Maravai had already been in the bottom tier of the firm’s Outperform-rated names given soft underlying market conditions, post-COVID normalization, margin reset, and execution challenges, and yesterday’s update “adds incremental concern,” the analyst tells investors in a research note. Baird believes “this can be a distracting process” and creates an overhang for the stock.