Craig-Hallum bullish on Maravai Lifesciences, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Maravai Lifesciences with a Buy rating and $15 price target. The firm believes shares of Maravai are poised for a rebound and thinks investors should add the stock to their portfolios. FY23 was a challenging year on multiple fronts as COVID-related revenues fell off, pharma/biotech funding dried up resulting in slower drug development and a reprioritization of pipelines. The funding environment is improving, and pharma/biotech companies are moving ahead with development plans resulting in increasing demand in the gene editing, cell and gene therapy and biologic drug manufacturing end markets. Craig-Hallum believes Maravai Lifesciences provides investors with the opportunity to participate in each of these high-growth markets.