Maravai LifeSciences (NASDAQ:MRVI) Trading 7% Higher – Here’s Why

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shot up 7% on Wednesday . The stock traded as high as $7.68 and last traded at $7.61. 322,296 shares were traded during trading, a decline of 85% from the average session volume of 2,217,646 shares. The stock had previously closed at $7.11.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MRVI. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 price objective on shares of Maravai LifeSciences in a research report on Friday, August 16th. UBS Group boosted their price objective on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company assumed 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. The Goldman Sachs Group cut their price target on Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Finally, Morgan Stanley cut Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $11.00 to $10.00 in a report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $10.67.

Maravai LifeSciences Stock Performance

The company has a market capitalization of $1.95 billion and a P/E ratio of -7.67. The firm has a 50 day moving average price of $8.35 and a two-hundred day moving average price of $8.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 9.28 and a current ratio of 10.00.

Maravai LifeSciences (NASDAQ:MRVI) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) earnings per share for the quarter. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. The company had revenue of $73.40 million during the quarter, compared to the consensus estimate of $71.64 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that Maravai LifeSciences Holdings, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Maravai LifeSciences

A number of large investors have recently bought and sold shares of MRVI. GAMMA Investing LLC grew its position in Maravai LifeSciences by 310.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,585 shares of the company’s stock worth $26,000 after acquiring an additional 2,711 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Maravai LifeSciences during the 2nd quarter worth $32,000. Headlands Technologies LLC acquired a new position in Maravai LifeSciences during the 1st quarter worth $42,000. Blue Trust Inc. acquired a new position in Maravai LifeSciences during the 2nd quarter worth $44,000. Finally, Custom Index Systems LLC acquired a new position in Maravai LifeSciences during the 3rd quarter worth $97,000. 50.25% of the stock is currently owned by 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.