Maravai LifeSciences (NASDAQ:MRVI) Trading Down 4.8% – Here’s What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price dropped 4.8% on Wednesday . The company traded as low as $5.53 and last traded at $5.53. Approximately 201,882 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 2,216,305 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

MRVI has been the subject of a number of research reports. William Blair restated a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. Wells Fargo & Company started coverage on Maravai LifeSciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 price objective for the company. Wolfe Research initiated coverage on Maravai LifeSciences in a report on Thursday, November 14th. They set a “peer perform” rating on the stock. The Goldman Sachs Group cut Maravai LifeSciences from a “neutral” rating to a “sell” rating and reduced their price target for the company from $7.00 to $4.25 in a research report on Thursday, December 5th. Finally, Royal Bank of Canada lowered their price objective on Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.28.

Maravai LifeSciences Price Performance

The company has a quick ratio of 9.94, a current ratio of 10.74 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.37 billion, a PE ratio of -3.31 and a beta of -0.08. The stock has a 50-day moving average price of $6.35 and a 200 day moving average price of $7.65.

Insider Buying and Selling

In related news, insider Carl Hull purchased 175,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average cost of $5.64 per share, with a total value of $987,000.00. Following the purchase, the insider now owns 175,000 shares of the company’s stock, valued at $987,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Maravai LifeSciences during the second quarter worth $32,000. Blue Trust Inc. acquired a new position in Maravai LifeSciences during the second quarter worth about $44,000. Venturi Wealth Management LLC acquired a new position in Maravai LifeSciences during the third quarter worth about $47,000. Custom Index Systems LLC acquired a new stake in Maravai LifeSciences in the 3rd quarter valued at about $97,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Maravai LifeSciences in the 3rd quarter worth approximately $105,000. Hedge funds and other institutional investors 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.