Maplight Therapeutics (NASDAQ:MPLT) Stock Price Down 7.8% – Here’s Why

Maplight Therapeutics, Inc. (NASDAQ:MPLT)’s stock price fell 7.8% during mid-day trading on Tuesday . The stock traded as low as $12.37 and last traded at $12.1250. 128,976 shares were traded during mid-day trading, a decline of 73% from the average session volume of 469,739 shares. The stock had previously closed at $13.15.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MPLT shares. Needham & Company LLC cut their price objective on Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, August 31st. Wall Street Zen raised Maplight Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Raymond James Financial set a $31.00 price target on Maplight Therapeutics in a report on Friday, August 14th. Craig Hallum reissued a “buy” rating and issued a $25.00 price objective on shares of Maplight Therapeutics in a research report on Tuesday, July 28th. Finally, Benchmark restated a “buy” rating on shares of Maplight Therapeutics in a research note on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.50.

Maplight Therapeutics Price Performance

The firm has a market cap of $565.00 million and a P/E ratio of -0.29. The company’s 50 day moving average is $19.53 and its two-hundred day moving average is $23.80.

Maplight Therapeutics (NASDAQ:MPLT) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.40) by $0.08. Research analysts predict that Maplight Therapeutics, Inc. will post -5.12 EPS for the current year.

Insider Buying and Selling

In related news, insider James Lillie sold 22,082 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $12.54, for a total value of $276,908.28. Following the completion of the transaction, the insider directly owned 202,380 shares of the company’s stock, valued at $2,537,845.20. This trade represents a 9.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Cox purchased 15,620 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were acquired at an average price of $9.52 per share, for a total transaction of $148,702.40. Following the purchase, the director directly owned 15,620 shares of the company’s stock, valued at approximately $148,702.40. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Maplight Therapeutics

Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc bought a new position in shares of Maplight Therapeutics during the 2nd quarter worth about $37,000. The Manufacturers Life Insurance Company bought a new stake in Maplight Therapeutics in the second quarter valued at about $252,000. Deutsche Bank AG acquired a new position in Maplight Therapeutics in the second quarter worth about $370,000. Bank of New York Mellon Corp lifted its stake in Maplight Therapeutics by 10.1% during the first quarter. Bank of New York Mellon Corp now owns 39,465 shares of the company’s stock worth $802,000 after purchasing an additional 3,608 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in Maplight Therapeutics during the second quarter worth about $950,000.

Maplight Therapeutics Company Profile

MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on developing treatments for disorders of the central nervous system. The company’s research programs are aimed at addressing significant unmet needs in psychiatric and neurological diseases.

MapLight’s pipeline consists of investigational therapies designed to target biological pathways associated with conditions such as schizophrenia and other brain disorders. Its activities include drug discovery, clinical development and the evaluation of potential treatments through clinical trials.

The company’s products remain investigational and require successful clinical testing and regulatory review before they can be marketed.