Maravai LifeSciences (NASDAQ:MRVI) Shares Down 4.6% – Here’s Why

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) was down 4.6% during mid-day trading on Tuesday . The company traded as low as $8.11 and last traded at $8.11. Approximately 543,295 shares changed hands during trading, a decline of 76% from the average daily volume of 2,236,886 shares. The stock had previously closed at $8.50.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley downgraded Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $11.00 to $10.00 in a research note on Tuesday, August 13th. The Goldman Sachs Group decreased their price target on Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $15.00 target price on shares of Maravai LifeSciences in a report on Friday, August 16th. UBS Group boosted their price target on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company initiated coverage on Maravai LifeSciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $10.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and six have given 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 target price of $10.67.

Maravai LifeSciences Stock Performance

The company’s fifty day moving average price is $8.53 and its two-hundred day moving average price is $8.57. The firm has a market capitalization of $1.99 billion and a PE ratio of -8.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 9.28 and a current ratio of 10.00.

Maravai LifeSciences (NASDAQ:MRVI) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) EPS for the quarter. The firm had revenue of $73.40 million during 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 business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) earnings per share. As a group, equities analysts expect that Maravai LifeSciences Holdings, Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Maravai LifeSciences

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of Maravai LifeSciences by 30.1% during the second quarter. Bank of New York Mellon Corp now owns 506,413 shares of the company’s stock valued at $3,626,000 after purchasing an additional 117,120 shares during the period. Principal Financial Group Inc. increased its position in shares of Maravai LifeSciences by 3,349.6% during the first quarter. Principal Financial Group Inc. now owns 410,197 shares of the company’s stock worth $3,556,000 after acquiring an additional 398,306 shares during the last quarter. Dragoneer Investment Group LLC acquired a new position in shares of Maravai LifeSciences in the second quarter worth about $5,373,000. Jennison Associates LLC purchased a new position in shares of Maravai LifeSciences during the 1st quarter valued at approximately $3,415,000. Finally, Bamco Inc. NY grew its stake in Maravai LifeSciences by 43.1% in the first quarter. Bamco Inc. NY now owns 2,123,651 shares of the company’s stock worth $18,412,000 after purchasing an additional 640,000 shares in the last quarter. Institutional investors and hedge funds own 50.25% of the company’s stock.

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.