Maravai LifeSciences (NASDAQ:MRVI) Stock Price Down 4.9% - Here's What Happened

Key Points

• The stock price of Maravai LifeSciences (NASDAQ:MRVI) fell by 4.9% during mid-day trading, closing at $2.99.
• Royal Bank Of Canada downgraded its price target for the company from $7.00 to $5.00, while maintaining an "outperform" rating amidst a consensus "Hold" rating from analysts.
• Institutional investors own approximately 50.25% of Maravai LifeSciences, with several hedge funds recently increasing their stakes significantly in the company.

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report)'s share price was down 4.9% during mid-day trading on Thursday . The company traded as low as $2.98 and last traded at $2.99. Approximately 989,671 shares changed hands during trading, a decline of 55% from the average daily volume of 2,214,735 shares. The stock had previously closed at $3.14.

Analyst Upgrades and Downgrades

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

Maravai LifeSciences Trading Down 5.5%

The firm has a market cap of $757.91 million, a P/E ratio of -2.18 and a beta of 0.33. The company has a current ratio of 5.16, a quick ratio of 4.49 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $2.54 and a 200-day simple moving average of $2.33.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MRVI. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Maravai LifeSciences by 22.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 251,214 shares of the company's stock worth $1,369,000 after buying an additional 45,454 shares during the last quarter. Simplicity Wealth LLC purchased a new position in shares of Maravai LifeSciences in the first quarter valued at approximately $67,000. SG Americas Securities LLC lifted its position in Maravai LifeSciences by 2,005.9% during the first quarter. SG Americas Securities LLC now owns 695,907 shares of the company's stock worth $1,538,000 after buying an additional 662,861 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Maravai LifeSciences during the first quarter worth approximately $37,000. Finally, VELA Investment Management LLC lifted its position in Maravai LifeSciences by 5.6% during the first quarter. VELA Investment Management LLC now owns 156,334 shares of the company's stock worth $345,000 after buying an additional 8,222 shares in the last quarter. 50.25% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.