Why Maravai LifeSciences Holdings Inc. (MRVI) stock faced headwinds in the after-hours on Tuesday?

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Maravai LifeSciences Holdings Inc. (MRVI) shares declined 5.49% in after-hours on Tuesday, September 07, 2021, and closed the daily trading at $56.49. However, in the regular trading session of Tuesday, MRVI’s stock gained 1.98%. The stock volume was 0.82 million shares on Tuesday. MRVI shares have moved up by 0.05% in the past week. Over the past three months, the stock has gained 43.20%, while over the past six months, it has surged 65.71%.

Let’s discuss its recent news and developments.


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MRVI proposed a secondary offer of common stock

On September 07, 2021, Maravai LifeSciences Holdings, Inc (MRVI) commenced a public offering of its Class A common stock by certain selling stockholders. The selling stockholders are offering 20,000,000 shares of Maravai’s Class A common stock according to a registration statement on Form S-1 filed with the Securities and Exchange Commission. The selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Maravai’s Class A common stock. Maravai will not receive any proceeds from the sale of shares by the selling stockholders.

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MRVI participation in the upcoming investor conferences

Maravai LifeSciences Holdings, Inc (MRVI) will participate in a fireside chat at the Morgan Stanley Healthcare Conference on September 13, 2021, at 12:30 p.m. PT. The company will be presented by its CEO Carl Hull.

The company will also take part in the Baird Global Healthcare Conference on September 14, 2021. The CFO, Kevin Herde will present the company at 9:50 a.m. PT.

MRVI recent financial results announcement

On August 10, 2021, Maravai LifeSciences Holdings, Inc (MRVI) announced its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • MRVI reported revenue of $217.8 million in Q2 2021 compared to $47.0 million in Q2 2020.
  • It earned a net income of $134.3 million in Q2 2021 compared to $1.4 million in Q2 2020.
  • Adjusted EBITDA was $164.7 million in Q2 2021 compared to $17.5 million in Q2 2020.

The updated financial outlook for 2021

The company revised its financial outlook for FY 2021 and is now expecting

  • Total revenue in the range of $745.0 million to $770.0 million.
  • Adjusted EBITDA in the range of $515.0 million to $535.0 million.
  • Adjusted fully diluted EPS in the range of $1.30 – $1.36 per share.

MRVI RS Rating update

On August 4, 2021, Maravai LifeSciences (MRVI) Relative Strength (RS) Rating was upgraded from 80 to 89. The unique RS Rating identifies technical performance by showing how a stock’s price movement over the last 52 weeks compares to that of the other stocks in our database.

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Conclusion

The proposed secondary offer of common stock could be the reason behind its poor performance in the after-hours on Tuesday. Let’s see whether it can leave the negativity behind on Wednesday or not?

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