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

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares were 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. Approximately 771,885 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 2,870,917 shares. The stock had previously closed at $3.22.

A number of other research analysts have also commented on the stock. Guggenheim assumed coverage on shares of Maravai LifeSciences in a research note on Thursday, December 19th. They set a “neutral” rating on the stock. Robert W. Baird cut Maravai LifeSciences from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $9.00 to $3.00 in a research report on Wednesday, February 26th. Wolfe Research initiated coverage on Maravai LifeSciences in a report on Thursday, November 14th. They issued a “peer perform” rating for the company. Baird R W cut Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, William Blair reiterated a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Maravai LifeSciences presently has a consensus rating of “Hold” and a consensus price target of $9.28.

Insider Activity at Maravai LifeSciences

In other news, General Counsel Kurt Oreshack sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $5.03, for a total transaction of $125,750.00. Following the sale, the general counsel now owns 167,618 shares in the company, valued at $843,118.54. The trade was a 12.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maravai LifeSciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVI. Alyeska Investment Group L.P. lifted its holdings 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 purchasing an additional 3,161,072 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in 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 valued at $25,420,000 after buying an additional 1,062,485 shares during the period. JPMorgan Chase & Co. lifted its stake in Maravai LifeSciences by 4.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,250,656 shares of the company’s stock worth $23,166,000 after acquiring an additional 200,411 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Maravai LifeSciences by 1.8% during the 4th quarter. Ameriprise Financial Inc. now owns 3,611,625 shares of the company’s stock worth $19,683,000 after acquiring an additional 62,123 shares during the period. Finally, Jennison Associates LLC grew its stake in 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 acquiring an additional 9,769 shares in the last quarter. Institutional investors and hedge funds own 50.25% of the company’s stock.

Maravai LifeSciences Stock Down 6.2 %

The business 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 current ratio of 10.74, a quick ratio of 9.94 and a debt-to-equity ratio of 0.89. The company has a market cap of $762.63 million, a price-to-earnings ratio of -1.84 and a beta of -0.08.

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.