BUZZ-Maravai LifeSciences falls after annual revenue forecast cut

Reuters11-08
BUZZ-Maravai LifeSciences falls after annual revenue forecast cut

** Shares of Maravai LifeSciences Holdings MRVI.O fall 37.63% to $4.89 premarket

** Co cuts full-year revenue forecast to between $255 million and $265 million, from $265 million to $285 million previously expected

** Reports Q3 rev. of $65.2 million, missing estimates of $67.56 million

** "Feeling the frustration" - brokerage Jefferies

** Brokerage adds Q3 miss and forecast cut are disappointing and cloud progress around many operational and strategic initiatives

** Separately co says plans to acquire DNA and RNA business of privately held Officinae Bio based in Venice, Italy

** Up to last close, stock up ~20% YTD

(Reporting by Sriparna Roy in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))

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