Point72 Asset Management L.P. Sells 2,492,812 Shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)

Point72 Asset Management L.P. cut its stake in Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Free Report) by 70.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,026,749 shares of the company's stock after selling 2,492,812 shares during the quarter. Point72 Asset Management L.P. owned 0.41% of Maravai LifeSciences worth $8,532,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Maravai LifeSciences by 5.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 73,595 shares of the company's stock valued at $639,000 after purchasing an additional 3,575 shares in the last quarter. GAMMA Investing LLC raised its stake in Maravai LifeSciences by 310.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,585 shares of the company's stock worth $26,000 after buying an additional 2,711 shares during the period. Blue Trust Inc. bought a new position in Maravai LifeSciences during the second quarter worth about $44,000. Bank of New York Mellon Corp lifted its holdings in Maravai LifeSciences by 30.1% during the second quarter. Bank of New York Mellon Corp now owns 506,413 shares of the company's stock worth $3,626,000 after acquiring an additional 117,120 shares in the last quarter. Finally, Liontrust Investment Partners LLP increased its holdings in shares of Maravai LifeSciences by 14.7% in the second quarter. Liontrust Investment Partners LLP now owns 43,845 shares of the company's stock worth $314,000 after acquiring an additional 5,628 shares in the last quarter. 50.25% of the stock is currently owned by institutional investors and hedge funds.

Maravai LifeSciences Stock Down 0.8 %

Shares of NASDAQ MRVI traded down $0.04 during mid-day trading on Friday, hitting $5.05. The company had a trading volume of 1,233,464 shares, compared to its average volume of 2,600,284. Maravai LifeSciences Holdings, Inc. has a one year low of $4.28 and a one year high of $11.56. The company has a market capitalization of $1.28 billion, a PE ratio of -3.08 and a beta of -0.08. The company has a current ratio of 10.74, a quick ratio of 9.94 and a debt-to-equity ratio of 0.89. The firm has a 50-day simple moving average of $6.74 and a two-hundred day simple moving average of $7.92.

Insiders Place Their Bets

In other Maravai LifeSciences news, insider Carl Hull purchased 175,000 shares of Maravai LifeSciences stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $5.64 per share, for a total transaction of $987,000.00. Following the completion of the acquisition, the insider now owns 175,000 shares of the company's stock, valued at approximately $987,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.63% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MRVI. Morgan Stanley cut Maravai LifeSciences from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $11.00 to $10.00 in a report on Tuesday, August 13th. William Blair reiterated a "market perform" rating on shares of Maravai LifeSciences in a report on Friday, November 8th. Wolfe Research started coverage on shares of Maravai LifeSciences in a research report on Thursday, November 14th. They set a "peer perform" rating for the company. Robert W. Baird cut their price objective on shares of Maravai LifeSciences from $10.00 to $9.00 and set an "outperform" rating on the stock in a research report on Friday, November 8th. Finally, Wells Fargo & Company initiated 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.03.

Maravai LifeSciences 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.