Maravai LifeSciences (NASDAQ:MRVI) Stock Price Down 3.5% – Here’s What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s share price traded down 3.5% during trading on Friday . The stock traded as low as $5.67 and last traded at $5.71. 220,684 shares were traded during mid-day trading, a decline of 90% from the average session volume of 2,255,906 shares. The stock had previously closed at $5.92.

Wall Street Analyst Weigh In

MRVI has been the subject of several research analyst reports. Morgan Stanley downgraded Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $11.00 to $10.00 in a research report on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. UBS Group upped their target price on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Wells Fargo & Company assumed coverage on Maravai LifeSciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $10.00 price objective for the company. Finally, Royal Bank of Canada cut their price objective on shares of Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.33.

Maravai LifeSciences Stock Down 3.5 %

The firm’s 50 day simple moving average is $7.16 and its 200 day simple moving average is $8.19. The company has a debt-to-equity ratio of 0.89, a quick ratio of 9.94 and a current ratio of 10.74.

Insiders Place Their Bets

In other news, insider Carl Hull bought 175,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average cost of $5.64 per share, for a total transaction of $987,000.00. Following the purchase, the insider now directly owns 175,000 shares in the company, valued at approximately $987,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRVI. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 2,711 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Maravai LifeSciences in the second quarter valued at approximately $32,000. Blue Trust Inc. purchased a new stake in shares of Maravai LifeSciences in the second quarter valued at approximately $44,000. Venturi Wealth Management LLC acquired a new position in shares of Maravai LifeSciences during the 3rd quarter worth approximately $47,000. Finally, Custom Index Systems LLC purchased a new position in shares of Maravai LifeSciences during the 3rd quarter valued at approximately $97,000. 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.