Royal Bank Of Canada Lowers Maravai LifeSciences (NASDAQ:MRVI) Price Target to $5.00

Key Points

• Royal Bank of Canada has decreased its price target for Maravai LifeSciences stock from $7.00 to $5.00 while maintaining an "outperform" rating, suggesting a potential upside of 93.05% from the stock's previous close.
• The company reported a quarterly earnings miss, with earnings per share of ($0.08) against an estimate of ($0.07), and experienced a year-over-year revenue decline of 26.9%.
• Maravai LifeSciences has seen increasing interest from institutional investors, with over 50% of its stock now held by hedge funds and institutions.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) had its price target lowered by stock analysts at Royal Bank Of Canada from $7.00 to $5.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 92.31% from the company's previous close.

Several other research analysts have also weighed in on the stock. Robert W. Baird dropped their price objective on shares of Maravai LifeSciences from $3.00 to $2.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Craig Hallum dropped their price objective on shares of Maravai LifeSciences from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.75.

Maravai LifeSciences Trading Down 5.5%

Shares of MRVI stock traded down $0.15 during trading hours on Tuesday, reaching $2.60. 1,051,409 shares of the stock traded hands, compared to its average volume of 1,738,974. Maravai LifeSciences has a 1-year low of $1.66 and a 1-year high of $9.95. The business has a fifty day moving average price of $2.42 and a 200 day moving average price of $2.62. The company has a quick ratio of 5.17, a current ratio of 5.16 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $662.12 million, a PE ratio of -1.91 and a beta of 0.28.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The company had revenue of $46.85 million during the quarter, compared to analyst estimates of $44.01 million. Maravai LifeSciences had a negative net margin of 90.03% and a negative return on equity of 17.60%. The company's revenue was down 26.9% on a year-over-year basis. On average, equities research analysts forecast that Maravai LifeSciences will post -0.24 EPS for the current year.

Institutional Trading of Maravai LifeSciences

Several large investors have recently added to or reduced their stakes in MRVI. Callan Family Office LLC bought a new stake in Maravai LifeSciences in the second quarter worth approximately $25,000. Ethic Inc. bought a new stake in shares of Maravai LifeSciences during the 2nd quarter worth $26,000. McAdam LLC bought a new stake in shares of Maravai LifeSciences during the 1st quarter worth $31,000. EntryPoint Capital LLC bought a new stake in shares of Maravai LifeSciences during the 1st quarter worth $32,000. Finally, Prudential Financial Inc. bought a new stake in shares of Maravai LifeSciences during the 2nd quarter worth $36,000. 50.25% of the stock is owned by 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.