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.
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