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

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares gapped down before the market opened on Friday after Royal Bank of Canada lowered their price target on the stock from $17.00 to $13.00. The stock had previously closed at $7.84, but opened at $4.75. Royal Bank of Canada 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.

MRVI has been the subject of several other reports. Morgan Stanley lowered Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $11.00 to $10.00 in a research report on Tuesday, August 13th. Robert W. Baird decreased their price objective on shares of Maravai LifeSciences from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday. Wells Fargo & Company began coverage on shares of Maravai LifeSciences in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 target price for the company. UBS Group boosted their price target on shares of Maravai LifeSciences from $8.50 to $11.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, William Blair restated a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.33.

Hedge Funds Weigh In On Maravai LifeSciences

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Maravai LifeSciences by 310.2% during the second quarter. GAMMA Investing LLC now owns 3,585 shares of the company’s stock worth $26,000 after buying an additional 2,711 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Maravai LifeSciences in the second quarter valued at approximately $32,000. Headlands Technologies LLC bought a new stake in shares of Maravai LifeSciences in the first quarter worth $42,000. Blue Trust Inc. bought a new position in Maravai LifeSciences in the second quarter valued at $44,000. Finally, Venturi Wealth Management LLC acquired a new stake in Maravai LifeSciences in the 3rd quarter valued at $47,000. Institutional investors own 50.25% of the company’s stock.

Maravai LifeSciences Stock Performance

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -5.13 and a beta of 0.02. The stock’s 50 day moving average price is $8.10 and its 200 day moving average price is $8.50. The company has a current ratio of 10.00, a quick ratio of 9.28 and a debt-to-equity ratio of 0.71.

Maravai LifeSciences (NASDAQ:MRVI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.08) earnings per share for the quarter. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. The company had revenue of $73.40 million during the quarter, compared to the consensus estimate of $71.64 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts expect that Maravai LifeSciences Holdings, Inc. will post -0.17 earnings per share for the current year.

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.