Maravai LifeSciences (NASDAQ:MRVI) Price Target Cut to $13.00 by Analysts at Royal Bank of Canada

Maravai LifeSciences (NASDAQ:MRVI - Free Report) had its price objective reduced by Royal Bank of Canada from $17.00 to $13.00 in a research note released on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

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

Maravai LifeSciences Stock Performance

Shares of Maravai LifeSciences stock traded down $2.76 during trading hours on Friday, hitting $5.08. 11,393,897 shares of the company's stock traded hands, compared to its average volume of 1,316,189. Maravai LifeSciences has a 12-month low of $4.52 and a 12-month high of $11.56. The company has a current ratio of 10.00, a quick ratio of 9.28 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $8.18 and a 200-day simple moving average of $8.51.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter. The company had revenue of $73.40 million for the quarter, compared to analysts' expectations of $71.64 million. Maravai LifeSciences had a negative return on equity of 4.78% and a negative net margin of 47.41%. The business's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) EPS. As a group, analysts anticipate that Maravai LifeSciences will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Maravai LifeSciences

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Maravai LifeSciences by 310.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,585 shares of the company's stock valued at $26,000 after purchasing an additional 2,711 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Maravai LifeSciences during the second quarter valued at $32,000. Headlands Technologies LLC purchased a new position in Maravai LifeSciences during the first quarter worth about $42,000. Blue Trust Inc. bought a new position in Maravai LifeSciences in the 2nd quarter worth about $44,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Maravai LifeSciences in the 3rd quarter valued at about $47,000. 50.25% of the stock is currently owned by institutional investors.

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.