Maravai LifeSciences (NASDAQ:MRVI) Trading Down 7.5% - Here's What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report) dropped 7.5% during mid-day trading on Friday . The company traded as low as $4.78 and last traded at $4.81. Approximately 894,677 shares changed hands during trading, a decline of 60% from the average daily volume of 2,258,633 shares. The stock had previously closed at $5.20.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. UBS Group lifted their price target on shares of Maravai LifeSciences from $8.50 to $11.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Wolfe Research started coverage on Maravai LifeSciences in a research note on Thursday. They issued a "peer perform" rating on the stock. The Goldman Sachs Group cut their price objective on Maravai LifeSciences from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. Royal Bank of Canada reduced their price objective on shares of Maravai LifeSciences from $17.00 to $13.00 and set an "outperform" rating on the stock in a report on Friday, November 8th. Finally, William Blair reaffirmed a "market perform" rating on shares of Maravai LifeSciences in a research note on Friday, November 8th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $10.33.

Maravai LifeSciences Price Performance

The company has a quick ratio of 9.28, a current ratio of 10.74 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -2.70 and a beta of 0.02. The company's 50-day moving average price is $7.76 and its 200-day moving average price is $8.42.

Insiders Place Their Bets

In related news, insider Carl Hull bought 175,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average cost of $5.64 per share, with a total value of $987,000.00. Following the purchase, the insider now directly owns 175,000 shares of the company's stock, valued at $987,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Maravai LifeSciences by 310.2% in the second quarter. GAMMA Investing LLC now owns 3,585 shares of the company's stock valued at $26,000 after acquiring an additional 2,711 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Maravai LifeSciences in the 2nd quarter valued at approximately $32,000. Headlands Technologies LLC acquired a new stake in shares of Maravai LifeSciences in the 1st quarter valued at $42,000. Blue Trust Inc. purchased a new stake in shares of Maravai LifeSciences during the 2nd quarter worth $44,000. Finally, Venturi Wealth Management LLC acquired a new position in shares of Maravai LifeSciences during the third quarter worth $47,000. 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.