UBS lowered the firm’s price target on Maravai Lifesciences to $6 from $12 and keeps a Neutral rating on the shares. Maravai’s Q3 miss, fiscal 2023 guidance reduction and announced cost cutting initiatives support the view that its core sales growth from the steep innovation curve in mRNA vaccines and therapeutics could take longer to materialize than investors appreciate, the analyst tells investors in a research note.
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