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

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) gapped down prior to trading on Friday after Robert W. Baird lowered their price target on the stock from $10.00 to $9.00. The stock had previously closed at $7.84, but opened at $4.75. Robert W. Baird currently has an outperform rating on the stock. Maravai LifeSciences shares last traded at $5.05, with a volume of 1,221,558 shares changing hands.

Several other brokerages have also recently issued reports on MRVI. The Goldman Sachs Group cut their target price on shares of Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and issued a $15.00 price objective on shares of Maravai LifeSciences in a research report on Friday, August 16th. Morgan Stanley cut Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $11.00 to $10.00 in a research note on Tuesday, August 13th. UBS Group lifted their price objective on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company started coverage on Maravai LifeSciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $10.00 target price for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.56.

Institutional Investors Weigh In On Maravai LifeSciences

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in Maravai LifeSciences by 310.2% during the second quarter. GAMMA Investing LLC now owns 3,585 shares of the company’s stock valued at $26,000 after buying an additional 2,711 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Maravai LifeSciences during the 2nd quarter valued at about $32,000. Headlands Technologies LLC bought a new stake in Maravai LifeSciences during the first quarter worth about $42,000. Blue Trust Inc. bought a new position in shares of Maravai LifeSciences during the second quarter valued at approximately $44,000. Finally, Venturi Wealth Management LLC purchased a new position in shares of Maravai LifeSciences during the third quarter valued at approximately $47,000. 50.25% of the stock is currently owned by institutional investors.

Maravai LifeSciences Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 9.28 and a current ratio of 10.00. The stock has a market capitalization of $1.27 billion, a P/E ratio of -4.97 and a beta of 0.02. The business has a 50-day moving average price of $8.18 and a 200 day moving average price of $8.51.

Maravai LifeSciences (NASDAQ:MRVI) last issued its quarterly earnings results 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 the consensus estimate of $71.64 million. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. Maravai LifeSciences’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.06) earnings per share. As a group, sell-side analysts forecast that Maravai LifeSciences Holdings, Inc. will post -0.17 EPS for the current fiscal 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.