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

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report) 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 changing hands.

A number of other research firms also recently issued reports on MRVI. The Goldman Sachs Group dropped their price objective on shares of Maravai LifeSciences from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. Robert W. Baird cut their price objective on Maravai LifeSciences from $10.00 to $9.00 and set an "outperform" rating for the company in a report on Friday. UBS Group raised their price objective on Maravai LifeSciences from $8.50 to $11.00 and gave the company a "neutral" rating in a report on Thursday, August 8th. William Blair reaffirmed a "market perform" rating on shares of Maravai LifeSciences in a research note on Friday. Finally, Wells Fargo & Company started coverage on shares of Maravai LifeSciences in a research note on Tuesday, August 27th. They set an "overweight" rating and a $10.00 price target on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Maravai LifeSciences currently has an average rating of "Moderate Buy" and a consensus target price of $10.33.

Institutional Trading of Maravai LifeSciences

A number of institutional investors have recently made changes to their positions in MRVI. GAMMA Investing LLC boosted its position in Maravai LifeSciences by 310.2% during the 2nd 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. bought a new position in shares of Maravai LifeSciences during the second quarter valued at about $32,000. Headlands Technologies LLC purchased a new stake in shares of Maravai LifeSciences during the first quarter worth about $42,000. Blue Trust Inc. bought a new stake in shares of Maravai LifeSciences in the second quarter worth about $44,000. Finally, Venturi Wealth Management LLC purchased a new position in Maravai LifeSciences during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 50.25% of the company's stock.

Maravai LifeSciences Price Performance

The firm has a market cap of $1.28 billion, a P/E ratio of -4.83 and a beta of 0.02. The business has a 50-day simple moving average of $8.18 and a 200 day simple moving average of $8.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 9.28 and a current ratio of 10.00.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last released 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 during 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%. The business's revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. On average, analysts anticipate that Maravai LifeSciences Holdings, Inc. will post -0.17 earnings per share for the current fiscal year.

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.