Maravai LifeSciences (NASDAQ:MRVI) Price Target Raised to $6.50

Maravai LifeSciences (NASDAQ:MRVI) had its target price increased by research analysts at Wells Fargo & Company from $5.50 to $6.50 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 12.77% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. UBS Group reissued a “reduce” rating on shares of Maravai LifeSciences in a research report on Wednesday, June 3rd. Weiss Ratings raised shares of Maravai LifeSciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $6.00 target price on shares of Maravai LifeSciences in a research note on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Maravai LifeSciences from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.83.

Maravai LifeSciences Trading Down 7.8%

Shares of MRVI traded down $0.49 during mid-day trading on Friday, hitting $5.76. 763,613 shares of the company’s stock traded hands, compared to its average volume of 2,139,469. The company has a quick ratio of 4.96, a current ratio of 5.91 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1.49 billion, a P/E ratio of -8.03 and a beta of 0.63. The business’s 50-day moving average price is $5.95 and its 200-day moving average price is $4.37. Maravai LifeSciences has a 1 year low of $2.03 and a 1 year high of $7.44.

Maravai LifeSciences (NASDAQ:MRVI) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.06. The company had revenue of $65.84 million during the quarter, compared to analyst estimates of $53.00 million. Maravai LifeSciences had a negative return on equity of 17.87% and a negative net margin of 51.07%. As a group, sell-side analysts forecast that Maravai LifeSciences will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Kurt Oreshack sold 25,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $5.06, for a total value of $126,500.00. Following the sale, the general counsel directly owned 360,767 shares of the company’s stock, valued at $1,825,481.02. This represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maravai LifeSciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brummer Multi Strategy AB purchased a new position in Maravai LifeSciences during the 4th quarter valued at about $1,488,000. Eversept Partners LP grew its holdings in Maravai LifeSciences by 147.2% in the fourth quarter. Eversept Partners LP now owns 718,582 shares of the company’s stock worth $2,335,000 after purchasing an additional 427,909 shares during the period. Capricorn Fund Managers Ltd bought a new position in shares of Maravai LifeSciences during the first quarter valued at approximately $961,000. Tejara Capital Ltd increased its stake in shares of Maravai LifeSciences by 23.1% during the fourth quarter. Tejara Capital Ltd now owns 3,020,209 shares of the company’s stock valued at $9,816,000 after purchasing an additional 566,768 shares in the last quarter. Finally, Yost Capital Management LP purchased a new position in shares of Maravai LifeSciences during the fourth quarter valued at approximately $410,000. Hedge funds and other institutional investors own 50.25% of the company’s stock.

About Maravai LifeSciences

Maravai LifeSciences Holdings, Inc (NASDAQ: MRVI) is a life sciences company specializing in the development and supply of critical reagents and services for the development and manufacture of biologic therapies. The company’s offerings support a range of applications in genomics, molecular diagnostics, vaccine development and next-generation sequencing. Maravai’s platforms address key challenges in nucleic acid production, protein detection, epigenetic analysis and reagent quality across the biopharmaceutical industry.

Through its product portfolio, which includes proprietary mRNA capping reagents, lipid nanoparticle delivery systems, synthetic oligonucleotides and high-precision assay kits, Maravai enables customers to accelerate research and streamline manufacturing workflows.