Maravai LifeSciences (NASDAQ:MRVI) Stock Price Up 5.8%

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price was up 5.8% during trading on Monday . The stock traded as high as $8.90 and last traded at $8.88. Approximately 923,696 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 2,379,746 shares. The stock had previously closed at $8.39.

Analyst Ratings Changes

Several research firms recently weighed in on MRVI. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 price objective on shares of Maravai LifeSciences in a report on Friday, August 16th. The Goldman Sachs Group upped their price target on shares of Maravai LifeSciences from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company began coverage on shares of Maravai LifeSciences in a research report on Tuesday, August 27th. They set an “overweight” rating and a $10.00 price objective for the company. UBS Group boosted their target price on 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 decreased their target price for the stock from $11.00 to $10.00 in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.78.

Maravai LifeSciences Price Performance

The business’s fifty day moving average is $8.89 and its 200-day moving average is $8.55. The firm has a market cap of $2.31 billion, a PE ratio of -9.25 and a beta of 0.01. The company has a debt-to-equity ratio of 0.71, a current ratio of 10.00 and a quick ratio of 9.28.

Maravai LifeSciences (NASDAQ:MRVI) last posted its earnings results on Wednesday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter. Maravai LifeSciences had a negative return on equity of 4.78% and a negative net margin of 47.41%. The company had revenue of $73.40 million for the quarter, compared to analysts’ expectations of $71.64 million. During the same quarter in the prior year, the company earned ($0.06) EPS. The company’s revenue was up 6.5% on a year-over-year basis. On average, research analysts predict that Maravai LifeSciences Holdings, Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Maravai LifeSciences

Institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Maravai LifeSciences during the second quarter valued at about $32,000. Clearbridge Investments LLC lifted its holdings in Maravai LifeSciences by 31.7% in the second quarter. Clearbridge Investments LLC now owns 1,054,109 shares of the company’s stock worth $7,547,000 after buying an additional 253,887 shares during the period. Algert Global LLC bought a new stake in shares of Maravai LifeSciences during the second quarter valued at approximately $1,080,000. Mackenzie Financial Corp grew its stake in Maravai LifeSciences by 16.8% in the second quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock worth $41,962,000 after purchasing an additional 844,325 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Maravai LifeSciences in the second quarter worth about $311,000. 50.25% of the stock is currently owned by institutional investors.

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.