Maravai LifeSciences (NASDAQ:MRVI) Shares Climb 7.9% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group increased their price target on shares of Maravai LifeSciences from $2.50 to $8.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Wall Street Zen lowered shares of Maravai LifeSciences from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. TD Cowen assumed coverage on shares of Maravai LifeSciences in a research note on Monday, October 5th. They issued a “buy” rating and a $9.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Maravai LifeSciences in a report on Wednesday, August 26th. Finally, Wells Fargo & Company lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.38.

Maravai LifeSciences Stock Up 5.1%

The company has a quick ratio of 2.98, a current ratio of 4.05 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $7.31 and a two-hundred day simple moving average of $5.86. The stock has a market cap of $1.97 billion, a P/E ratio of -14.56 and a beta of 0.54.

Maravai LifeSciences (NASDAQ:MRVI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Maravai LifeSciences had a negative return on equity of 15.70% and a negative net margin of 37.07%. The firm had revenue of $51.44 million during the quarter, compared to analyst estimates of $48.67 million. On average, equities analysts forecast that Maravai LifeSciences Holdings, Inc. will post -0.18 EPS for the current year.

Institutional Investors Weigh In On Maravai LifeSciences

Several institutional investors have recently added to or reduced their stakes in MRVI. Renaissance Technologies LLC increased its position 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 acquiring an additional 39,600 shares during the period. General American Investors Co. Inc. boosted its holdings in shares of 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 worth $4,857,000 after purchasing an additional 130,877 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Maravai LifeSciences by 64.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,418,597 shares of the company’s stock worth $4,015,000 after purchasing an additional 558,050 shares during the period. Brummer Multi Strategy AB grew its stake in shares of Maravai LifeSciences by 66.0% in the first quarter. Brummer Multi Strategy AB now owns 759,743 shares of the company’s stock worth $2,150,000 after purchasing an additional 302,036 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Maravai LifeSciences in the second quarter worth about $2,230,000. Hedge funds and other institutional investors own 50.25% of the company’s stock.

About Maravai LifeSciences

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

Through its TriLink BioTechnologies business, Maravai supplies specialized nucleic acid products and services, including modified nucleotides, messenger RNA-related materials, enzymes and other components used in research and biomanufacturing.