Bank of America Cuts Maravai LifeSciences (NASDAQ:MRVI) Price Target to $8.00

Maravai LifeSciences (NASDAQ:MRVI) had its price objective cut by Bank of America from $9.00 to $8.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on MRVI. Wolfe Research initiated coverage on shares of Maravai LifeSciences in a research report on Thursday, November 14th. They set a “peer perform” rating for the company. William Blair reissued a “market perform” rating on shares of Maravai LifeSciences in a research report on Friday, November 8th. The Goldman Sachs Group cut Maravai LifeSciences from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $7.00 to $4.25 in a research note on Thursday, December 5th. Robert W. Baird cut Maravai LifeSciences from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $9.00 to $3.00 in a research note on Wednesday, February 26th. Finally, Guggenheim began coverage on Maravai LifeSciences in a research note on Thursday, December 19th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Maravai LifeSciences currently has an average rating of “Hold” and a consensus price target of $9.28.

Maravai LifeSciences Stock Down 1.1 %

Shares of NASDAQ:MRVI opened at $2.81 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 9.94 and a current ratio of 10.74. Maravai LifeSciences has a 1 year low of $2.72 and a 1 year high of $11.56. The stock has a market capitalization of $709.60 million, a P/E ratio of -1.71 and a beta of -0.08. The stock has a 50-day simple moving average of $4.70 and a 200-day simple moving average of $6.35.

Insider Buying and Selling at Maravai LifeSciences

In other Maravai LifeSciences news, General Counsel Kurt Oreshack sold 25,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $5.03, for a total value of $125,750.00. Following the sale, the general counsel now directly owns 167,618 shares in the company, valued at approximately $843,118.54. This trade represents a 12.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maravai LifeSciences

A number of hedge funds and other institutional investors have recently modified their holdings of MRVI. Alyeska Investment Group L.P. grew its holdings in Maravai LifeSciences by 145.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 5,329,420 shares of the company’s stock worth $29,045,000 after acquiring an additional 3,161,072 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Maravai LifeSciences by 29.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,664,210 shares of the company’s stock worth $25,420,000 after acquiring an additional 1,062,485 shares during the period. JPMorgan Chase & Co. grew its holdings in Maravai LifeSciences by 4.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,250,656 shares of the company’s stock worth $23,166,000 after acquiring an additional 200,411 shares during the period. Ameriprise Financial Inc. grew its holdings in Maravai LifeSciences by 1.8% during the fourth quarter. Ameriprise Financial Inc. now owns 3,611,625 shares of the company’s stock worth $19,683,000 after acquiring an additional 62,123 shares during the period. Finally, Jennison Associates LLC grew its holdings in Maravai LifeSciences by 0.3% during the fourth quarter. Jennison Associates LLC now owns 2,990,414 shares of the company’s stock worth $16,298,000 after acquiring an additional 9,769 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.