Maravai LifeSciences (NASDAQ:MRVI) Shares Gap Up – Here’s Why

Shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) gapped up before the market opened on Monday . The stock had previously closed at $2.45, but opened at $2.52. Maravai LifeSciences shares last traded at $2.61, with a volume of 126,709 shares traded.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Guggenheim assumed coverage on Maravai LifeSciences in a research report on Thursday, December 19th. They set a “neutral” rating for the company. Bank of America dropped their price objective on Maravai LifeSciences from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Baird R W downgraded Maravai LifeSciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 26th. The Goldman Sachs Group downgraded Maravai LifeSciences from a “neutral” rating to a “sell” rating and dropped their target price for the company from $7.00 to $4.25 in a research report on Thursday, December 5th. Finally, Robert W. Baird downgraded Maravai LifeSciences from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $9.00 to $3.00 in a research report on Wednesday, February 26th. One equities 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. According to data from MarketBeat, Maravai LifeSciences has a consensus rating of “Hold” and a consensus price target of $9.28.

Maravai LifeSciences Stock Down 2.3 %

The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94. The company has a market capitalization of $651.52 million, a P/E ratio of -1.57 and a beta of -0.08. The stock has a 50-day moving average price of $4.16 and a 200-day moving average price of $5.93.

Maravai LifeSciences (NASDAQ:MRVI) last issued its quarterly earnings data on Tuesday, March 18th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Maravai LifeSciences had a negative return on equity of 6.61% and a negative net margin of 81.13%. On average, research analysts predict that Maravai LifeSciences Holdings, Inc. will post -0.24 EPS for the current fiscal year.

Insider Transactions at Maravai LifeSciences

In other news, General Counsel Kurt Oreshack sold 25,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $5.03, for a total transaction of $125,750.00. Following the completion of the transaction, the general counsel now directly owns 167,618 shares in the company, valued at $843,118.54. This trade represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in Maravai LifeSciences by 1,172.4% during the third quarter. JPMorgan Chase & Co. now owns 4,050,245 shares of the company’s stock worth $33,658,000 after purchasing an additional 3,731,924 shares during the period. Barclays PLC grew its stake in Maravai LifeSciences by 349.2% during the third quarter. Barclays PLC now owns 184,189 shares of the company’s stock worth $1,531,000 after purchasing an additional 143,184 shares during the period. Systematic Financial Management LP grew its stake in Maravai LifeSciences by 14.7% during the third quarter. Systematic Financial Management LP now owns 1,612,161 shares of the company’s stock worth $13,397,000 after purchasing an additional 206,499 shares during the period. Empowered Funds LLC acquired a new stake in Maravai LifeSciences during the fourth quarter worth approximately $155,000. Finally, Bleakley Financial Group LLC grew its stake in Maravai LifeSciences by 30.1% during the fourth quarter. Bleakley Financial Group LLC now owns 41,691 shares of the company’s stock worth $227,000 after purchasing an additional 9,657 shares during the period. 50.25% of the stock is currently 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.