Maravai LifeSciences (NASDAQ:MRVI) Trading 6.7% Higher – Here’s Why

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price rose 6.7% during mid-day trading on Wednesday . The company traded as high as $4.98 and last traded at $4.94. Approximately 437,322 shares were traded during trading, a decline of 81% from the average daily volume of 2,267,077 shares. The stock had previously closed at $4.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Maravai LifeSciences in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 price target for the company. William Blair reaffirmed a “market perform” rating on shares of Maravai LifeSciences in a report on Friday, November 8th. The Goldman Sachs Group reduced their target price on Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. UBS Group boosted their price target on Maravai LifeSciences from $8.50 to $11.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Finally, Robert W. Baird reduced their price objective on shares of Maravai LifeSciences from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Five equities 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, Maravai LifeSciences presently has an average rating of “Moderate Buy” and an average target price of $10.33.

Maravai LifeSciences Stock Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94. The stock has a market cap of $1.27 billion, a P/E ratio of -3.02 and a beta of 0.02. The stock has a 50-day simple moving average of $7.43 and a 200-day simple moving average of $8.31.

Insider Activity at Maravai LifeSciences

In other news, insider Carl Hull purchased 175,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $5.64 per share, for a total transaction of $987,000.00. Following the purchase, the insider now owns 175,000 shares of the company’s stock, valued at approximately $987,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maravai LifeSciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted 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 in the last quarter. Dragoneer Investment Group LLC acquired a new stake in Maravai LifeSciences during the 2nd quarter worth approximately $5,373,000. Bamco Inc. NY grew its holdings in Maravai LifeSciences by 43.1% during the 1st quarter. Bamco Inc. NY now owns 2,123,651 shares of the company’s stock worth $18,412,000 after acquiring an additional 640,000 shares during the last quarter. Lazard Asset Management LLC increased its position in Maravai LifeSciences by 6,252.8% in the 1st quarter. Lazard Asset Management LLC now owns 365,159 shares of the company’s stock valued at $3,165,000 after acquiring an additional 359,411 shares during the period. Finally, Principal Financial Group Inc. increased its position in Maravai LifeSciences by 62.4% in the 2nd quarter. Principal Financial Group Inc. now owns 666,187 shares of the company’s stock valued at $4,770,000 after acquiring an additional 255,990 shares during the period. Institutional investors and hedge funds own 50.25% of the company’s stock.

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.