Maravai LifeSciences (NASDAQ:MRVI) Stock Jumps 7.9% - Here's What Happened

Key Points

• Maravai LifeSciences shares rose 7.9% to $7.54 in midday trading, although volume was 76% below the average session level.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $7.38, with targets ranging from $6.50 to $9.00.
• The company beat quarterly expectations, reporting an adjusted loss of $0.02 per share versus the estimated $0.04 loss and revenue of $51.44 million versus the $48.67 million consensus.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MRVI. UBS Group raised 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Maravai LifeSciences in a report on Wednesday, August 26th. TD Cowen started coverage on shares of Maravai LifeSciences in a research report on Monday, October 5th. They issued a "buy" rating and a $9.00 price target on the stock. Wall Street Zen downgraded shares of Maravai LifeSciences from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Wells Fargo & Company lifted their price target on shares of Maravai LifeSciences from $5.50 to $6.50 and gave the stock an "overweight" rating in a research note on Friday, August 7th. One research 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 given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.38.

Maravai LifeSciences Stock Up 6.8%

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 fifty day simple moving average of $7.25 and a 200-day simple moving average of $5.80. The firm has a market cap of $1.94 billion, a P/E ratio of -14.36 and a beta of 0.54.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $51.44 million for the quarter, compared to the consensus estimate of $48.67 million. Maravai LifeSciences had a negative return on equity of 15.70% and a negative net margin of 37.07%. On average, equities analysts anticipate that Maravai LifeSciences Holdings, Inc. will post -0.20 earnings per share for the current year.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake 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 worth $12,069,000 after acquiring an additional 39,600 shares during the period. General American Investors Co. Inc. grew its position 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 in the last quarter. Dimensional Fund Advisors LP grew its position 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 in the last quarter. Bank of New York Mellon Corp bought a new stake in Maravai LifeSciences during the 2nd quarter valued at approximately $2,230,000. Finally, Brummer Multi Strategy AB raised its stake in Maravai LifeSciences by 66.0% during the 1st quarter. Brummer Multi Strategy AB now owns 759,743 shares of the company's stock valued at $2,150,000 after purchasing an additional 302,036 shares during the period. 50.25% of the stock is currently owned by institutional investors.

About Maravai LifeSciences

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

Maravai's Nucleic Acid Production segment, which includes TriLink BioTechnologies, supplies specialized messenger RNA and other nucleic acid products, raw materials and related manufacturing services.

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