Maravai Lifesciences price target lowered to $13 from $17 at RBC Capital

RBC Capital lowered the firm’s price target on Maravai Lifesciences (MRVI) to $13 from $17 and keeps an Outperform rating on the shares after its wider than expected Q3 loss. Following three straight quarters of solid performance relative to guidance, Maravai fell victim to the weak biotech spending environment and lumpy customer order patterns inherent in their business, the analyst tells investors in a research note.