Maravai LifeSciences (NASDAQ:MRVI) Shares Down 3.8% - Here's What Happened

Key Points

• Maravai LifeSciences shares dropped 3.8% to $2.69, with trading volume significantly down by 94% compared to the average.
• Royal Bank of Canada reduced their price target for Maravai from $7.00 to $5.00, with the stock receiving mixed ratings from analysts.
• Institutional investors currently own 50.25% of Maravai's stock, highlighting ongoing interest in the company despite recent share performance.

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report) shares traded down 3.8% on Friday . The stock traded as low as $2.67 and last traded at $2.69. 148,109 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 2,279,469 shares. The stock had previously closed at $2.79.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada lowered their price target on shares of Maravai LifeSciences from $7.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $5.22.

Maravai LifeSciences Price Performance

The stock's 50-day moving average is $2.49 and its 200 day moving average is $2.34. The company has a debt-to-equity ratio of 0.68, a current ratio of 5.16 and a quick ratio of 4.49. The company has a market cap of $688.20 million, a PE ratio of -1.98 and a beta of 0.29.

Institutional Investors Weigh In On Maravai LifeSciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Callan Family Office LLC purchased a new stake in Maravai LifeSciences during the second quarter valued at approximately $25,000. Ethic Inc. acquired a new stake in shares of Maravai LifeSciences during the second quarter worth $26,000. McAdam LLC acquired a new stake in shares of Maravai LifeSciences during the first quarter worth $31,000. EntryPoint Capital LLC acquired a new stake in shares of Maravai LifeSciences during the first quarter worth $32,000. Finally, Prudential Financial Inc. acquired a new stake in shares of Maravai LifeSciences during the second quarter worth $36,000. Hedge funds and other institutional investors own 50.25% of the company's stock.

About Maravai LifeSciences

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.

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