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

Shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) gapped down before the market opened on Thursday. The stock had previously closed at $7.72, but opened at $6.85. Maravai LifeSciences shares last traded at $7.2860, with a volume of 305,358 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MRVI. Wall Street Zen raised Maravai LifeSciences from a “hold” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company boosted their price target on Maravai LifeSciences from $5.50 to $6.50 and gave the company an “overweight” rating in a report on Friday, August 7th. TD Cowen started coverage on Maravai LifeSciences in a research note on Monday, October 5th. They set a “buy” rating and a $9.00 price objective on the stock. UBS Group lifted their price objective on shares of Maravai LifeSciences from $2.50 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Maravai LifeSciences in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Maravai LifeSciences has a consensus rating of “Moderate Buy” and a consensus target price of $7.38.

Maravai LifeSciences Stock Performance

The stock has a market capitalization of $1.95 billion, a P/E ratio of -17.49 and a beta of 0.61. The stock has a 50 day moving average of $7.37 and a 200 day moving average of $5.33. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.98 and a current ratio of 4.05.

Maravai LifeSciences (NASDAQ:MRVI) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $45.85 million during the quarter, compared to the consensus estimate of $43.56 million. Maravai LifeSciences had a negative net margin of 37.07% and a negative return on equity of 15.70%. Equities analysts predict that Maravai LifeSciences Holdings, Inc. will post -0.18 EPS for the current year.

Institutional Trading of Maravai LifeSciences

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its holdings in Maravai LifeSciences by 4.9% in the third quarter. Russell Investments Group Ltd. now owns 166,243 shares of the company’s stock worth $1,273,000 after purchasing an additional 7,699 shares during the period. Torrey Growth & Income Advisors bought a new stake in shares of Maravai LifeSciences during the 3rd quarter worth about $283,000. Ethic Inc. lifted its stake in shares of Maravai LifeSciences by 57.1% in the 3rd quarter. Ethic Inc. now owns 16,654 shares of the company’s stock worth $128,000 after acquiring an additional 6,050 shares during the period. Pictet Asset Management Holding SA bought a new position in shares of Maravai LifeSciences in the third quarter valued at approximately $78,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maravai LifeSciences in the third quarter valued at approximately $58,000. 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.