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

Maravai LifeSciences (NASDAQ:MRVI) had its price objective trimmed by Royal Bank of Canada from $17.00 to $13.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also weighed in on MRVI. Robert W. Baird cut their target price on shares of Maravai LifeSciences from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday. William Blair restated a “market perform” rating on shares of Maravai LifeSciences in a research note on Friday. Wells Fargo & Company started coverage on Maravai LifeSciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 price target for the company. Morgan Stanley cut shares of Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Tuesday, August 13th. Finally, The Goldman Sachs Group reduced their target price on Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.33.

Maravai LifeSciences Trading Up 13.9 %

MRVI opened at $5.78 on Friday. The business has a fifty day moving average price of $8.03 and a 200 day moving average price of $8.49. 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 has a 12 month low of $4.68 and a 12 month high of $11.56. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -3.52 and a beta of 0.02.

Institutional Investors Weigh In On Maravai LifeSciences

Several hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. boosted its holdings in shares of Maravai LifeSciences by 149.6% in the second quarter. Point72 Asset Management L.P. now owns 3,519,561 shares of the company’s stock valued at $25,200,000 after acquiring an additional 2,109,199 shares in the last quarter. 12 West Capital Management LP grew its position in Maravai LifeSciences by 13.8% during the first quarter. 12 West Capital Management LP now owns 13,202,988 shares of the company’s stock worth $114,470,000 after buying an additional 1,600,000 shares during the period. Mackenzie Financial Corp increased its holdings in Maravai LifeSciences by 16.8% in the second quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock valued at $41,962,000 after buying an additional 844,325 shares in the last quarter. Dragoneer Investment Group LLC purchased a new stake in shares of Maravai LifeSciences during the 2nd quarter worth approximately $5,373,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Maravai LifeSciences by 20.8% in the 2nd quarter. Renaissance Technologies LLC now owns 3,881,441 shares of the company’s stock worth $27,791,000 after acquiring an additional 668,552 shares during the period. 50.25% of the stock is owned by institutional investors and hedge funds.

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.