Maravai LifeSciences (NASDAQ:MRVI) Price Target Lowered to $8.00 at Bank of America

Maravai LifeSciences (NASDAQ:MRVI) had its target price decreased by Bank of America from $9.00 to $8.00 in a report published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

MRVI has been the subject of several other reports. Baird R W downgraded shares of Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 26th. Robert W. Baird downgraded shares of Maravai LifeSciences from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $9.00 to $3.00 in a report on Wednesday, February 26th. Royal Bank of Canada dropped their price objective on shares of Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, November 8th. William Blair reaffirmed a “market perform” rating on shares of Maravai LifeSciences in a report on Friday, November 8th. Finally, Guggenheim started coverage on shares of Maravai LifeSciences in a report on Thursday, December 19th. They set a “neutral” rating for the company. One 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.28.

Maravai LifeSciences Stock Down 6.2 %

Shares of NASDAQ:MRVI opened at $3.02 on Monday. The firm has a fifty day moving average price of $4.80 and a two-hundred day moving average price of $6.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94. Maravai LifeSciences has a one year low of $2.93 and a one year high of $11.56. The company has a market cap of $762.63 million, a price-to-earnings ratio of -1.84 and a beta of -0.08.

Insider Buying and Selling

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

Hedge Funds Weigh In On Maravai LifeSciences

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

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.