Maravai LifeSciences (NASDAQ:MRVI) Stock Price Down 7.5% – Here’s What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares fell 7.5% during mid-day trading on Friday . The stock traded as low as $4.78 and last traded at $4.81. 894,677 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,258,633 shares. The stock had previously closed at $5.20.

Analyst Ratings Changes

Several brokerages have recently commented on MRVI. UBS Group increased their target price on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Royal Bank of Canada lowered their price objective on shares of Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. The Goldman Sachs Group reduced their target price on shares of Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Wolfe Research initiated coverage on shares of Maravai LifeSciences in a report on Thursday. They issued a “peer perform” rating for the company. Finally, Morgan Stanley cut shares of Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $11.00 to $10.00 in a research report on Tuesday, August 13th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Maravai LifeSciences presently has an average rating of “Moderate Buy” and a consensus target price of $10.33.

Maravai LifeSciences Trading Down 9.2 %

The company has a quick ratio of 9.28, a current ratio of 10.74 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.19 billion, a P/E ratio of -2.93 and a beta of 0.02. The business has a fifty day moving average price of $7.85 and a 200 day moving average price of $8.44.

Insider Transactions at Maravai LifeSciences

In related news, insider Carl Hull purchased 175,000 shares of the stock in a transaction on Monday, November 11th. The shares were purchased at an average price of $5.64 per share, with a total value of $987,000.00. Following the transaction, the insider now directly owns 175,000 shares of the company’s stock, valued at $987,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by insiders.

Institutional Trading of Maravai LifeSciences

A number of large investors have recently added to or reduced their stakes in MRVI. Vanguard Group Inc. raised its position in shares of Maravai LifeSciences by 0.3% in the first quarter. Vanguard Group Inc. now owns 10,038,126 shares of the company’s stock valued at $87,031,000 after purchasing an additional 34,232 shares during the period. Millennium Management LLC boosted its stake in Maravai LifeSciences by 12.3% in the 2nd quarter. Millennium Management LLC now owns 5,968,592 shares of the company’s stock valued at $42,735,000 after purchasing an additional 653,639 shares during the period. Mackenzie Financial Corp grew its holdings in Maravai LifeSciences by 16.8% in the 2nd quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock valued at $41,962,000 after buying an additional 844,325 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Maravai LifeSciences by 15.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,550,503 shares of the company’s stock worth $32,582,000 after buying an additional 598,530 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Maravai LifeSciences by 20.8% in the second quarter. Renaissance Technologies LLC now owns 3,881,441 shares of the company’s stock valued at $27,791,000 after acquiring an additional 668,552 shares during the period. 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.