Goldman Sachs downgraded Maravai Lifesciences (MRVI) to Sell from Neutral with a $4.25 price target representing 21.5% downside from current levels. The firm believes the long-term growth profile for Maravai remains intact due to early signs of durable growth in non-Covid mRNA and gRNA program starts, but sees it taking time for the company to reach the necessary sales levels in order to drive substantial operating leverage due to the overall “muted” spending environment for pharma. This is driving a reprioritization of spend away from early stage programs where Maravai is largely positioned, the analyst tells investors in a research note.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MRVI:
- Maravai Lifesciences initiated with a Peer Perform at Wolfe Research
- Maravai Lifesciences price target lowered to $7 from $10 at Morgan Stanley
- Nvidia trades on Dow for first time, Rivian reports downbeat Q3: Morning Buzz
- Maravai Lifesciences price target lowered to $13 from $17 at RBC Capital
- Maravai Lifesciences price target lowered to $9 from $10 at Baird