Maravai LifeSciences (NASDAQ:MRVI) Shares Down 7.1% - Here's What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report) fell 7.1% during mid-day trading on Wednesday . The stock traded as low as $2.60 and last traded at $2.57. 302,368 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,283,095 shares. The stock had previously closed at $2.76.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MRVI. UBS Group decreased their price target on shares of Maravai LifeSciences from $8.00 to $2.50 and set a "neutral" rating for the company in a research report on Friday, March 21st. Morgan Stanley reduced their price target on shares of Maravai LifeSciences from $7.00 to $5.00 and set an "equal weight" rating for the company in a report on Tuesday, March 25th. Craig Hallum reduced their price objective on shares of Maravai LifeSciences from $12.00 to $10.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Stifel Nicolaus set a $5.00 target price on shares of Maravai LifeSciences in a research report on Friday, March 21st. Finally, Robert W. Baird cut their price target on shares of Maravai LifeSciences from $3.00 to $2.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $6.64.

Maravai LifeSciences Stock Up 4.7%

The company has a market capitalization of $735.97 million, a PE ratio of -2.54 and a beta of 0.28. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.17 and a current ratio of 5.96. The stock's 50 day moving average is $2.27 and its 200 day moving average is $3.12.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.01). The business had revenue of $46.85 million for the quarter, compared to analysts' expectations of $44.01 million. Maravai LifeSciences had a negative net margin of 67.14% and a negative return on equity of 12.91%. The business's quarterly revenue was down 26.9% on a year-over-year basis. On average, sell-side analysts anticipate that Maravai LifeSciences Holdings, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of Maravai LifeSciences

A number of institutional investors have recently modified their holdings of MRVI. Victory Capital Management Inc. lifted its stake in Maravai LifeSciences by 65.1% in the 4th quarter. Victory Capital Management Inc. now owns 96,273 shares of the company's stock worth $525,000 after purchasing an additional 37,946 shares in the last quarter. Atria Investments Inc purchased a new stake in Maravai LifeSciences in the 4th quarter worth approximately $58,000. Wealthfront Advisers LLC purchased a new stake in Maravai LifeSciences in the 4th quarter worth approximately $1,046,000. Farther Finance Advisors LLC lifted its stake in Maravai LifeSciences by 3,541.4% in the 4th quarter. Farther Finance Advisors LLC now owns 10,196 shares of the company's stock worth $56,000 after purchasing an additional 9,916 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Maravai LifeSciences by 14.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 447,994 shares of the company's stock worth $2,442,000 after purchasing an additional 57,727 shares in the last quarter. 50.25% of the stock is currently owned by hedge funds and other institutional investors.

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.