Maravai LifeSciences (NASDAQ:MRVI) Trading Up 10.7% – Here’s Why

Shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) traded up 10.7% on Monday . The company traded as high as $5.84 and last traded at $5.61. 1,851,519 shares were traded during trading, a decline of 18% from the average session volume of 2,245,255 shares. The stock had previously closed at $5.07.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MRVI. Wells Fargo & Company assumed coverage on Maravai LifeSciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $10.00 price target on the stock. Royal Bank of Canada cut their target price on Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. UBS Group raised their target price on Maravai LifeSciences from $8.50 to $11.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Morgan Stanley lowered shares of Maravai LifeSciences from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $11.00 to $10.00 in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group reduced their price objective on shares of Maravai LifeSciences from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $10.33.

Maravai LifeSciences Trading Down 1.2 %

The company has a debt-to-equity ratio of 0.71, a quick ratio of 9.28 and a current ratio of 10.00. The firm has a fifty day moving average price of $7.97 and a 200 day moving average price of $8.48.

Insiders Place Their Bets

In related news, insider Carl Hull acquired 175,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $5.64 per share, for a total transaction of $987,000.00. Following the transaction, the insider now directly owns 175,000 shares of the company’s stock, valued at approximately $987,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.63% of the company’s stock.

Institutional Trading of Maravai LifeSciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its stake in Maravai LifeSciences by 149.6% in the second quarter. Point72 Asset Management L.P. now owns 3,519,561 shares of the company’s stock valued at $25,200,000 after purchasing an additional 2,109,199 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Maravai LifeSciences by 16.8% in the 2nd quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock worth $41,962,000 after purchasing an additional 844,325 shares during the period. Dragoneer Investment Group LLC bought a new position in shares of Maravai LifeSciences during the second quarter worth about $5,373,000. Renaissance Technologies LLC raised its holdings in shares of Maravai LifeSciences by 20.8% in the second quarter. Renaissance Technologies LLC now owns 3,881,441 shares of the company’s stock valued at $27,791,000 after purchasing an additional 668,552 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Maravai LifeSciences by 12.3% during the 2nd quarter. Millennium Management LLC now owns 5,968,592 shares of the company’s stock worth $42,735,000 after buying an additional 653,639 shares in the last quarter. 50.25% of the stock is currently owned by institutional investors and hedge funds.

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.