Maravai LifeSciences (NASDAQ:MRVI) Shares Gap Up to $8.61

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s share price gapped up before the market opened on Friday . The stock had previously closed at $8.61, but opened at $8.93. Maravai LifeSciences shares last traded at $8.77, with a volume of 76,230 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MRVI. Wells Fargo & Company began 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. The Goldman Sachs Group raised their price target on shares of Maravai LifeSciences from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price objective on shares of Maravai LifeSciences in a research report on Friday, August 16th. UBS Group raised their target price 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. Finally, Morgan Stanley downgraded shares of Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $11.00 to $10.00 in a report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.78.

Maravai LifeSciences Trading Down 2.6 %

The company has a market cap of $2.11 billion, a P/E ratio of -8.47 and a beta of 0.01. The firm’s 50 day moving average is $8.80 and its two-hundred day moving average is $8.52. The company has a quick ratio of 9.28, a current ratio of 10.00 and a debt-to-equity ratio of 0.71.

Maravai LifeSciences (NASDAQ:MRVI) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.08) EPS for the quarter. The company had revenue of $73.40 million during the quarter, compared to the consensus estimate of $71.64 million. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. As a group, equities research analysts anticipate that Maravai LifeSciences Holdings, Inc. will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Maravai LifeSciences

Several large investors have recently modified their holdings of MRVI. Russell Investments Group Ltd. lifted its holdings in Maravai LifeSciences by 62,802.8% in the fourth quarter. Russell Investments Group Ltd. now owns 112,596 shares of the company’s stock valued at $738,000 after buying an additional 112,417 shares during the period. Victory Capital Management Inc. raised its position in shares of Maravai LifeSciences by 237.4% in the 4th quarter. Victory Capital Management Inc. now owns 110,468 shares of the company’s stock worth $724,000 after acquiring an additional 77,727 shares in the last quarter. M&T Bank Corp lifted its stake in shares of Maravai LifeSciences by 17.3% in the 4th quarter. M&T Bank Corp now owns 20,107 shares of the company’s stock valued at $131,000 after purchasing an additional 2,972 shares during the period. Jump Financial LLC bought a new stake in shares of Maravai LifeSciences during the 4th quarter valued at about $225,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Maravai LifeSciences by 141.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 49,850 shares of the company’s stock worth $316,000 after purchasing an additional 29,231 shares during the period. 50.25% of the stock is currently owned by institutional investors and hedge funds.

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.