Should You Sell Maravai LifeSciences (MRVI)?
ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy featured stocks like Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) in the fourth quarter 2023 investor letter. Headquartered in San Diego, California, Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) is a life sciences company. On March 18, 2024, Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) stock closed at $7.96 per share. One-month return of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) was 49.62%, and its shares lost 43.86% of their value over the last 52 weeks. Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) has a market capitalization of $2.001 billion.
ClearBridge Mid Cap Strategy stated the following regarding Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) in its fourth quarter 2023 investor letter:
"We exited our position in Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI), in the health care sector, which provides products to enable the development of drug therapies and diagnostics. The company has struggled to overcome persistent declines in its COVID-19 revenue and continued supply chain disruptions. We believe correcting these issues and making sustainable improvements may take longer than originally anticipated, using the sale proceeds to consolidate our health care exposure in other, higher-conviction holdings."
A researcher in a laboratory coat working with laboratory equipment for nucleic acids.
Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) was held by 26 hedge fund portfolios, compared to 22 in the previous quarter, according to our database.
We discussed Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) in another article and shared Baron Discovery Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
