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

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $5.63, but opened at $5.50. Maravai LifeSciences shares last traded at $5.27, with a volume of 78,078 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on MRVI. Royal Bank of Canada dropped their price target on Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. William Blair reiterated a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. The Goldman Sachs Group dropped their price objective on shares of Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. UBS Group increased their target price on shares of Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company assumed coverage on Maravai LifeSciences in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $10.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.33.

Maravai LifeSciences Price Performance

The company has a current ratio of 10.74, a quick ratio of 9.28 and a debt-to-equity ratio of 0.89. The stock has a fifty day simple moving average of $7.76 and a two-hundred day simple moving average of $8.41. The company has a market cap of $1.11 billion, a PE ratio of -2.70 and a beta of 0.02.

Insider Activity at Maravai LifeSciences

In related news, insider Carl Hull bought 175,000 shares of the stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $5.64 per share, for a total transaction of $987,000.00. Following the completion of the transaction, the insider now owns 175,000 shares of the company’s stock, valued at $987,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.63% of the company’s stock.

Institutional Investors Weigh In On Maravai LifeSciences

Several institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. raised its holdings in Maravai LifeSciences by 11.7% during the first quarter. QRG Capital Management Inc. now owns 17,143 shares of the company’s stock worth $149,000 after purchasing an additional 1,796 shares during the last quarter. Creative Planning boosted its position in shares of Maravai LifeSciences by 4.4% in the 3rd quarter. Creative Planning now owns 44,943 shares of the company’s stock worth $373,000 after buying an additional 1,881 shares in the last quarter. GAMMA Investing LLC grew its stake in Maravai LifeSciences by 310.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,585 shares of the company’s stock valued at $26,000 after acquiring an additional 2,711 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Maravai LifeSciences by 5.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,595 shares of the company’s stock valued at $639,000 after acquiring an additional 3,575 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in shares of Maravai LifeSciences by 0.7% in the third quarter. Kornitzer Capital Management Inc. KS now owns 519,890 shares of the company’s stock valued at $4,320,000 after purchasing an additional 3,725 shares in the last quarter. Hedge funds and other institutional investors own 50.25% of the company’s stock.

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.