Maravai slides to all-time low on third consecutive 2023 forecast cut

Maravai Lifesciences Holdings

08/11/2023 19:03

** Shares of Maravai Lifesciences Holdings  MRVI.O  slide as
much as 30% to an all-time low of $4.79 in afternoon trade
    ** Late Tuesday, co cut its 2023 adj earnings forecast; now
expects either a profit or loss of 1 cent/shr vs previous
outlook of 4-8 cents/shr profit
    ** MRVI also cut its 2023 revenue forecast to $275 mln to
$285 mln vs $300 mln to $325 mln earlier
    ** Q3 marked its third successive cut in both forecasts
    ** MRVI said it will take a $5 mln severance charge in Q4
after it lays off 100 employees or 15% of its workforce
    ** Brokerage Jefferies says the co cut its 2023 revenue
forecast to account for the Q3 miss and reduced optimism for a
near term demand recovery
    ** 7 of 11 brokerages rate the stock "buy" or higher, 4
"hold"; their median PT is $10
    ** Including session's loss, stock had fallen 66% YTD vs a
9.7% decline in the Nasdaq Biotechnology Index  .NBI 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))