Royal Bank of Canada Has Lowered Expectations for Maravai LifeSciences (NASDAQ:MRVI) Stock Price

Maravai LifeSciences (NASDAQ:MRVI) had its price target decreased by equities research analysts at Royal Bank of Canada from $17.00 to $13.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 156.16% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. The Goldman Sachs Group decreased their price target on Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. William Blair restated a “market perform” rating on shares of Maravai LifeSciences in a research note on Friday. UBS Group boosted 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. Robert W. Baird reduced their price objective on shares of Maravai LifeSciences from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Wells Fargo & Company began coverage on Maravai LifeSciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Maravai LifeSciences has an average rating of “Moderate Buy” and a consensus target price of $10.33.

Maravai LifeSciences Stock Performance

Shares of NASDAQ:MRVI traded down $2.76 on Friday, reaching $5.08. The company’s stock had a trading volume of 11,404,870 shares, compared to its average volume of 1,316,189. Maravai LifeSciences has a 52-week low of $4.52 and a 52-week high of $11.56. The stock has a market capitalization of $1.28 billion, a P/E ratio of -5.13 and a beta of 0.02. The stock’s 50-day moving average is $8.10 and its two-hundred day moving average is $8.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.00 and a quick ratio of 9.28.

Maravai LifeSciences (NASDAQ:MRVI) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) earnings per share for the quarter. The company had revenue of $73.40 million for the quarter, compared to analyst estimates 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 was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) earnings per share. As a group, sell-side analysts forecast that Maravai LifeSciences will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Maravai LifeSciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in Maravai LifeSciences by 310.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,585 shares of the company’s stock valued at $26,000 after purchasing an additional 2,711 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Maravai LifeSciences in the second quarter valued at $32,000. Headlands Technologies LLC purchased a new position in shares of Maravai LifeSciences in the first quarter valued at $42,000. Blue Trust Inc. acquired a new position in shares of Maravai LifeSciences during the 2nd quarter worth $44,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Maravai LifeSciences in the 3rd quarter worth about $47,000. 50.25% of the stock is currently owned by institutional investors and hedge funds.

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.