Maravai LifeSciences (NASDAQ:MRVI) Stock Price Down 6.7% Following Analyst Downgrade

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares traded down 6.7% during mid-day trading on Monday after Bank of America lowered their price target on the stock from $9.00 to $8.00. Bank of America currently has a buy rating on the stock. Maravai LifeSciences traded as low as $3.01 and last traded at $3.01. 771,885 shares were traded during mid-day trading, a decline of 73% from the average session volume of 2,870,917 shares. The stock had previously closed at $3.22.

A number of other research firms also recently issued reports on MRVI. William Blair reissued a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. Baird R W downgraded shares of Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Wolfe Research assumed coverage on shares of Maravai LifeSciences in a report on Thursday, November 14th. They set a “peer perform” rating on the stock. The Goldman Sachs Group downgraded Maravai LifeSciences from a “neutral” rating to a “sell” rating and dropped their target price for the company from $7.00 to $4.25 in a report on Thursday, December 5th. Finally, Guggenheim assumed coverage on shares of Maravai LifeSciences in a research report on Thursday, December 19th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Maravai LifeSciences presently has an average rating of “Hold” and a consensus target price of $9.28.

Insider Transactions at Maravai LifeSciences

In other news, General Counsel Kurt Oreshack sold 25,000 shares of Maravai LifeSciences stock in a transaction that occurred on 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 in the company, valued at approximately $843,118.54. This trade represents a 12.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of Maravai LifeSciences by 1,172.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,050,245 shares of the company’s stock valued at $33,658,000 after buying an additional 3,731,924 shares during the period. Alyeska Investment Group L.P. raised its position in shares of Maravai LifeSciences by 145.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 5,329,420 shares of the company’s stock worth $29,045,000 after purchasing an additional 3,161,072 shares during the period. Marshall Wace LLP lifted its holdings in shares of Maravai LifeSciences by 17,912.9% in the 4th quarter. Marshall Wace LLP now owns 2,778,497 shares of the company’s stock worth $15,143,000 after purchasing an additional 2,763,072 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Maravai LifeSciences during the 3rd quarter valued at approximately $22,108,000. Finally, Massachusetts Financial Services Co. MA grew its position in shares of 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 acquiring an additional 1,062,485 shares during the last quarter. Institutional investors and hedge funds own 50.25% of the company’s stock.

Maravai LifeSciences Trading Down 6.2 %

The company has a current ratio of 10.74, a quick ratio of 9.94 and a debt-to-equity ratio of 0.89. The stock has a market cap of $762.63 million, a P/E ratio of -1.84 and a beta of -0.08. The firm’s 50-day simple moving average is $4.80 and its 200 day simple moving average is $6.42.

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.