Maravai LifeSciences (NASDAQ:MRVI) Shares Down 6.5% – Here’s What Happened

by · The Cerbat Gem

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI – Get Free Report) shares dropped 6.5% during trading on Tuesday . The stock traded as low as $2.67 and last traded at $2.68. Approximately 345,806 shares traded hands during trading, a decline of 84% from the average daily volume of 2,218,729 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

MRVI has been the subject of several recent analyst reports. Guggenheim assumed coverage on shares of Maravai LifeSciences in a research note on Thursday, December 19th. They issued a “neutral” rating for the company. Bank of America decreased their price target on Maravai LifeSciences from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Baird R W lowered Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Wolfe Research assumed coverage on Maravai LifeSciences in a research report on Thursday, November 14th. They set a “peer perform” rating for the company. Finally, Robert W. Baird lowered shares of Maravai LifeSciences from an “outperform” rating to a “neutral” rating and cut their target price for the company from $9.00 to $3.00 in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.28.

View Our Latest Research Report on MRVI

Maravai LifeSciences Trading Down 7.7 %

The business’s 50-day moving average price is $4.54 and its two-hundred day moving average price is $6.20. The company has a market capitalization of $666.67 million, a price-to-earnings ratio of -1.61 and a beta of -0.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94.

Insider Activity

In other Maravai LifeSciences news, General Counsel Kurt Oreshack sold 25,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $5.03, for a total value of $125,750.00. Following the completion of the transaction, the general counsel now owns 167,618 shares of the company’s stock, valued at $843,118.54. This represents a 12.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maravai LifeSciences

Institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. boosted its holdings in Maravai LifeSciences by 145.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 5,329,420 shares of the company’s stock worth $29,045,000 after acquiring an additional 3,161,072 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Maravai LifeSciences by 29.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,664,210 shares of the company’s stock worth $25,420,000 after buying an additional 1,062,485 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Maravai LifeSciences by 4.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,250,656 shares of the company’s stock worth $23,166,000 after purchasing an additional 200,411 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Maravai LifeSciences by 1.8% during the fourth quarter. Ameriprise Financial Inc. now owns 3,611,625 shares of the company’s stock valued at $19,683,000 after buying an additional 62,123 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Maravai LifeSciences by 0.3% in the fourth quarter. Jennison Associates LLC now owns 2,990,414 shares of the company’s stock worth $16,298,000 after purchasing an additional 9,769 shares during the last quarter. Institutional investors own 50.25% of the company’s stock.

Maravai LifeSciences Company Profile

(Get Free Report)

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.

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