Maravai LifeSciences (NASDAQ:MRVI) Shares Gap Down After Analyst Downgrade

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price gapped down before the market opened on Friday after Robert W. Baird lowered their price target on the stock from $10.00 to $9.00. The stock had previously closed at $7.84, but opened at $4.75. Robert W. Baird currently has an outperform rating on the stock. Maravai LifeSciences shares last traded at $5.05, with a volume of 1,221,558 shares traded.

Several other analysts also recently commented on the company. Wells Fargo & Company began coverage on Maravai LifeSciences in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 target price for the company. Morgan Stanley downgraded shares of Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Maravai LifeSciences in a research report on Friday, August 16th. Finally, UBS Group boosted their price objective on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Maravai LifeSciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.56.

Institutional Trading of Maravai LifeSciences

A number of hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans raised its stake in shares of Maravai LifeSciences by 14.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 214,645 shares of the company’s stock worth $1,784,000 after purchasing an additional 26,885 shares during the period. Royce & Associates LP grew its position in shares of Maravai LifeSciences by 130.4% during the 3rd quarter. Royce & Associates LP now owns 908,778 shares of the company’s stock valued at $7,552,000 after acquiring an additional 514,332 shares during the period. Victory Capital Management Inc. increased its stake in shares of Maravai LifeSciences by 312.3% during the 3rd quarter. Victory Capital Management Inc. now owns 58,327 shares of the company’s stock worth $485,000 after purchasing an additional 44,180 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of Maravai LifeSciences in the 3rd quarter worth approximately $47,000. Finally, Kornitzer Capital Management Inc. KS lifted its stake in Maravai LifeSciences by 0.7% in the third quarter. Kornitzer Capital Management Inc. KS now owns 519,890 shares of the company’s stock valued at $4,320,000 after purchasing an additional 3,725 shares during the last quarter. 50.25% of the stock is currently owned by institutional investors.

Maravai LifeSciences Stock Performance

The stock has a market capitalization of $1.27 billion, a P/E ratio of -4.97 and a beta of 0.02. 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 50 day simple moving average of $8.18 and a 200-day simple moving average of $8.51.

Maravai LifeSciences (NASDAQ:MRVI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) EPS for the quarter. The business had revenue of $73.40 million for the quarter, compared to analysts’ expectations of $71.64 million. Maravai LifeSciences had a negative return on equity of 4.78% and a negative net margin of 47.41%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. On average, equities analysts forecast that Maravai LifeSciences Holdings, Inc. will post -0.17 EPS for the current year.

Maravai LifeSciences Company Profile

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.