Maravai Lifesciences initiated with an Outperform at RBC Capital

RBC Capital analyst Conor McNamara initiated coverage of Maravai Lifesciences with an Outperform rating and $22 price target. The analyst views Maravai as a "clear winner exiting the pandemic." Demand for its CleanCap product, a vital component used in the Pfizer COVID vaccine, spiked at the start of the pandemic with "long-lasting" financial and strategic benefits, McNamara tells investors in a research note. Th analyst believes Maravai’s current valuation doesn’t match the company’s growth opportunity in the near, medium, or long term.