Maravai LifeSciences (NASDAQ:MRVI) Stock Jumps 7.9% – Here’s What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) shares rose 7.9% during mid-day trading on Tuesday. The company traded as high as $7.51 and last traded at $7.54. Approximately 605,521 shares traded hands during trading, a decline of 76% from the average daily volume of 2,482,643 shares. The stock had previously closed at $6.99.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Maravai LifeSciences from a “buy” rating to a “hold” rating in a research report on Saturday, August 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Maravai LifeSciences in a report on Wednesday, August 26th. Wells Fargo & Company upped their target price on shares of Maravai LifeSciences from $5.50 to $6.50 and gave the stock an “overweight” rating in a research report on Friday, August 7th. TD Cowen assumed coverage on shares of Maravai LifeSciences in a research note on Monday, October 5th. They set a “buy” rating and a $9.00 target price for the company. Finally, UBS Group lifted their price target on shares of Maravai LifeSciences from $2.50 to $8.00 and gave the company a “neutral” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.38.

Maravai LifeSciences Stock Up 6.8%

The company has a debt-to-equity ratio of 0.49, a current ratio of 4.05 and a quick ratio of 2.98. The company has a market capitalization of $1.94 billion, a PE ratio of -14.36 and a beta of 0.54. The business has a 50-day moving average of $7.25 and a 200 day moving average of $5.80.

Maravai LifeSciences (NASDAQ:MRVI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $51.44 million during the quarter, compared to analysts’ expectations of $48.67 million. Maravai LifeSciences had a negative return on equity of 15.70% and a negative net margin of 37.07%. Equities research analysts predict that Maravai LifeSciences Holdings, Inc. will post -0.20 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in shares of Maravai LifeSciences by 0.9% in the first quarter. Renaissance Technologies LLC now owns 4,264,689 shares of the company’s stock valued at $12,069,000 after purchasing an additional 39,600 shares in the last quarter. General American Investors Co. Inc. raised its stake in Maravai LifeSciences by 8.3% during the first quarter. General American Investors Co. Inc. now owns 1,716,193 shares of the company’s stock valued at $4,857,000 after purchasing an additional 130,877 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Maravai LifeSciences by 64.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,418,597 shares of the company’s stock valued at $4,015,000 after purchasing an additional 558,050 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Maravai LifeSciences during the second quarter valued at $2,230,000. Finally, Brummer Multi Strategy AB lifted its position in Maravai LifeSciences by 66.0% during the first quarter. Brummer Multi Strategy AB now owns 759,743 shares of the company’s stock valued at $2,150,000 after purchasing an additional 302,036 shares during the last quarter. 50.25% of the stock is currently owned by institutional investors.

Maravai LifeSciences Company Profile

Maravai LifeSciences Holdings, Inc is a life sciences company that provides products and services used in the development and manufacture of biopharmaceuticals, vaccines, diagnostics and other advanced biological products. The company serves research, pharmaceutical, biotechnology and healthcare customers involved in nucleic acid production, biologics development and quality testing.

Maravai’s Nucleic Acid Production segment, which includes TriLink BioTechnologies, supplies specialized messenger RNA and other nucleic acid products, raw materials and related manufacturing services.