Maravai LifeSciences (NASDAQ:MRVI) Shares Gap Up After Insider Buying Activity

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s share price gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $5.70, but opened at $6.32. Maravai LifeSciences shares last traded at $5.84, with a volume of 370,761 shares trading hands.

Specifically, insider Carl Hull bought 175,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $5.64 per share, for a total transaction of $987,000.00. Following the transaction, the insider now owns 175,000 shares of the company’s stock, valued at approximately $987,000. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Analysts Set New Price Targets

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

Maravai LifeSciences Price Performance

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 company has a 50 day moving average price of $7.97 and a 200 day moving average price of $8.48.

Hedge Funds Weigh In On Maravai LifeSciences

Several large investors have recently added to or reduced their stakes in MRVI. Point72 Asset Management L.P. grew its stake in Maravai LifeSciences by 149.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,519,561 shares of the company’s stock valued at $25,200,000 after acquiring an additional 2,109,199 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Maravai LifeSciences by 16.8% in the 2nd quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company’s stock valued at $41,962,000 after buying an additional 844,325 shares in the last quarter. Dragoneer Investment Group LLC bought a new stake in shares of Maravai LifeSciences in the 2nd quarter valued at approximately $5,373,000. Renaissance Technologies LLC grew its stake in shares of Maravai LifeSciences by 20.8% in the 2nd quarter. Renaissance Technologies LLC now owns 3,881,441 shares of the company’s stock valued at $27,791,000 after buying an additional 668,552 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Maravai LifeSciences by 12.3% in the 2nd quarter. Millennium Management LLC now owns 5,968,592 shares of the company’s stock valued at $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.

Maravai LifeSciences Company Profile

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.