Maravai Lifesciences price target lowered to $22 from $25 at Baird

Baird analyst Catherine Schulte lowered the firm’s price target on Maravai Lifesciences to $22 from $25 and keeps an Outperform rating on the shares. The analyst noted the company announced an acquisition of privately held Alphazyme, adding enzyme development offerings to the NAP business. We believe the focus here likely remains the base business momentum, especially given the expected 2H23 acceleration, and where COVID-related CleanCap settles longer term.