Maravai LifeSciences (NASDAQ:MRVI) Shares Down 5%

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price dropped 5% during mid-day trading on Friday . The stock traded as low as $8.31 and last traded at $8.40. Approximately 988,282 shares traded hands during trading, a decline of 58% from the average daily volume of 2,360,789 shares. The stock had previously closed at $8.84.

Analyst Ratings Changes

Several brokerages have recently weighed in on MRVI. Morgan Stanley lowered Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $11.00 to $10.00 in a research report on Tuesday, August 13th. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 price objective on shares of Maravai LifeSciences in a report on Friday, August 16th. Wells Fargo & Company assumed coverage on shares of Maravai LifeSciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 target price for the company. UBS Group lifted their price target on shares of Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group upped their price objective on shares of Maravai LifeSciences from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Maravai LifeSciences has a consensus rating of “Moderate Buy” and an average price target of $10.78.

Maravai LifeSciences Trading Down 4.5 %

The business’s 50 day simple moving average is $8.89 and its 200 day simple moving average is $8.56. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.00 and a quick ratio of 9.28. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -8.53 and a beta of 0.01.

Maravai LifeSciences (NASDAQ:MRVI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter. The company had revenue of $73.40 million during the quarter, compared to analyst estimates of $71.64 million. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. Research analysts anticipate that Maravai LifeSciences Holdings, Inc. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Europe London LLP acquired a new stake in shares of Maravai LifeSciences in the 4th quarter worth $17,059,000. Point72 Asset Management L.P. lifted its position in Maravai LifeSciences by 149.6% in the second quarter. Point72 Asset Management L.P. now owns 3,519,561 shares of the company’s stock valued at $25,200,000 after purchasing an additional 2,109,199 shares during the period. 12 West Capital Management LP lifted its position in Maravai LifeSciences by 13.8% in the first quarter. 12 West Capital Management LP now owns 13,202,988 shares of the company’s stock valued at $114,470,000 after purchasing an additional 1,600,000 shares during the period. Braidwell LP boosted its holdings in Maravai LifeSciences by 26.8% in the 4th quarter. Braidwell LP now owns 5,040,635 shares of the company’s stock valued at $33,016,000 after purchasing an additional 1,065,778 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in Maravai LifeSciences by 16.8% during the 2nd quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock worth $41,962,000 after purchasing an additional 844,325 shares during the period. 50.25% of the stock is currently owned by hedge funds and other institutional investors.

About Maravai LifeSciences

Maravai LifeSciences Holdings, Inc, a life sciences company, provides products to enable the development of drug therapies, diagnostics, novel vaccines, and support research on human diseases worldwide. The company’s products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.