Maravai LifeSciences (NASDAQ:MRVI) Shares Down 2.9% Following Analyst Downgrade

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report)'s stock price traded down 2.9% on Monday after Morgan Stanley lowered their price target on the stock from $7.00 to $5.00. Morgan Stanley currently has an equal weight rating on the stock. Maravai LifeSciences traded as low as $2.20 and last traded at $2.21. 2,838,498 shares were traded during mid-day trading, an increase of 25% from the average session volume of 2,264,408 shares. The stock had previously closed at $2.27.

Several other analysts have also issued reports on MRVI. The Goldman Sachs Group lowered Maravai LifeSciences from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $7.00 to $4.25 in a report on Thursday, December 5th. Robert W. Baird downgraded Maravai LifeSciences from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $9.00 to $3.00 in a report on Wednesday, February 26th. Bank of America cut their price objective on Maravai LifeSciences from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. UBS Group cut their price target on shares of Maravai LifeSciences from $8.00 to $2.50 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Finally, Baird R W downgraded shares of Maravai LifeSciences from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $7.31.

Remove Ads

Insiders Place Their Bets

In other Maravai LifeSciences news, General Counsel Kurt Oreshack sold 25,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $5.03, for a total transaction of $125,750.00. Following the transaction, the general counsel now owns 167,618 shares in the company, valued at approximately $843,118.54. This represents a 12.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.63% of the company's stock.

Institutional Investors Weigh In On Maravai LifeSciences

Hedge funds have recently added to or reduced their stakes in the stock. Performa Ltd US LLC lifted its holdings in Maravai LifeSciences by 614.3% in the fourth quarter. Performa Ltd US LLC now owns 5,000 shares of the company's stock valued at $27,000 after acquiring an additional 4,300 shares during the period. FNY Investment Advisers LLC lifted its position in shares of Maravai LifeSciences by 600.0% in the fourth quarter. FNY Investment Advisers LLC now owns 7,000 shares of the company's stock worth $38,000 after buying an additional 6,000 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Maravai LifeSciences by 3,541.4% during the 4th quarter. Farther Finance Advisors LLC now owns 10,196 shares of the company's stock valued at $56,000 after acquiring an additional 9,916 shares during the last quarter. Cibc World Markets Corp bought a new position in shares of Maravai LifeSciences in the 4th quarter valued at about $56,000. Finally, Atria Investments Inc purchased a new position in shares of Maravai LifeSciences in the 4th quarter worth approximately $58,000. 50.25% of the stock is owned by institutional investors.

Maravai LifeSciences Price Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94. The stock's 50-day simple moving average is $3.77 and its two-hundred day simple moving average is $5.66. The firm has a market cap of $592.18 million, a P/E ratio of -1.43 and a beta of -0.08.

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.