Maravai Lifesciences downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Paul Knight downgraded Maravai Lifesciences to Sector Weight from Overweight without a price target. The company reported a “top to bottom miss” and lowered fiscal 2023 revenue and EBITDA guidance by 25% and 55%, respectively, the analyst tells investors in a research note. The firm says that as a key vendor for the Pfizer/BioNTech COVID-19 mRNA vaccine, Maravai is undergoing a transitional period as COVID revenues of $600M in 2022 drop to $65M in 2023. It sees a lack of catalysts and limited visibility for the company.