Maravai LifeSciences (NASDAQ:MRVI) Shares Down 6.5% – Here’s What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares fell 6.5% during mid-day trading on Tuesday . The stock traded as low as $2.67 and last traded at $2.68. 345,806 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 2,218,729 shares. The stock had previously closed at $2.86.

Wall Street Analyst Weigh In

Several research firms have recently commented on MRVI. Baird R W downgraded Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 26th. Wolfe Research assumed coverage on shares of Maravai LifeSciences in a report on Thursday, November 14th. They issued a “peer perform” rating on the stock. Bank of America lowered their price objective on shares of Maravai LifeSciences from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Robert W. Baird downgraded Maravai LifeSciences from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $9.00 to $3.00 in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group downgraded Maravai LifeSciences from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $7.00 to $4.25 in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $9.28.

Maravai LifeSciences Trading Down 7.3 %

The company has a 50 day moving average of $4.36 and a two-hundred day moving average of $6.11. The stock has a market capitalization of $611.12 million, a PE ratio of -1.48 and a beta of -0.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 9.94 and a current ratio of 10.74.

Insider Activity

In other Maravai LifeSciences news, General Counsel Kurt Oreshack sold 25,000 shares of Maravai LifeSciences stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $5.03, for a total transaction of $125,750.00. Following the completion of the sale, the general counsel now owns 167,618 shares of the company’s stock, valued at approximately $843,118.54. The trade was a 12.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.63% of the company’s stock.

Institutional Investors Weigh In On Maravai LifeSciences

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in Maravai LifeSciences by 7.3% during the fourth quarter. SG Americas Securities LLC now owns 33,046 shares of the company’s stock worth $180,000 after buying an additional 2,239 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Maravai LifeSciences by 10.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 30,076 shares of the company’s stock valued at $164,000 after acquiring an additional 2,851 shares in the last quarter. Performa Ltd US LLC lifted its position in shares of Maravai LifeSciences by 614.3% in the fourth quarter. Performa Ltd US LLC now owns 5,000 shares of the company’s stock valued at $27,000 after acquiring an additional 4,300 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Maravai LifeSciences in the third quarter worth approximately $47,000. Finally, FNY Investment Advisers LLC lifted its holdings in Maravai LifeSciences by 600.0% in the 4th quarter. FNY Investment Advisers LLC now owns 7,000 shares of the company’s stock valued at $38,000 after purchasing an additional 6,000 shares in the last quarter. 50.25% of the stock is owned by hedge funds and other 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.