Wall Street Zen Upgrades Maplight Therapeutics (NASDAQ:MPLT) to “Sell”

Maplight Therapeutics (NASDAQ:MPLT) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also issued reports on MPLT. UBS Group lowered Maplight Therapeutics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $13.00 in a research note on Monday, August 10th. Canaccord Genuity Group set a $21.00 target price on shares of Maplight Therapeutics in a research report on Friday, August 14th. BMO Capital Markets began coverage on shares of Maplight Therapeutics in a research note on Monday, July 20th. They issued an “outperform” rating and a $46.00 price objective for the company. Needham & Company LLC decreased their price target on Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, August 31st. Finally, Raymond James Financial set a $31.00 target price on shares of Maplight Therapeutics in a research note on Friday, August 14th. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.50.

Maplight Therapeutics Stock Performance

Shares of MPLT stock opened at $7.58 on Friday. The firm’s fifty day simple moving average is $10.45 and its 200 day simple moving average is $20.40. The firm has a market capitalization of $421.30 million and a P/E ratio of -0.18. Maplight Therapeutics has a 1 year low of $7.44 and a 1 year high of $40.43.

Maplight Therapeutics (NASDAQ:MPLT) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.32) EPS for the quarter, topping analysts’ consensus estimates of ($1.40) by $0.08. Equities research analysts anticipate that Maplight Therapeutics will post -5.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jonathan Gillis sold 10,167 shares of the business’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $8.08, for a total transaction of $82,149.36. Following the sale, the chief financial officer directly owned 142,315 shares of the company’s stock, valued at $1,149,905.20. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anatol Kreitzer sold 12,248 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $7.84, for a total value of $96,024.32. Following the completion of the sale, the insider directly owned 168,678 shares of the company’s stock, valued at approximately $1,322,435.52. The trade was a 6.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 122,974 shares of company stock worth $990,690. 3.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplight Therapeutics

A number of institutional investors have recently added to or reduced their stakes in MPLT. Legal & General Group Plc acquired a new position in shares of Maplight Therapeutics in the second quarter valued at about $37,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Maplight Therapeutics in the second quarter valued at about $252,000. Deutsche Bank AG purchased a new stake in Maplight Therapeutics during the second quarter worth about $370,000. ADAR1 Capital Management LLC bought a new position in shares of Maplight Therapeutics in the second quarter worth $950,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Maplight Therapeutics in the 2nd quarter valued at about $1,090,000.

About Maplight Therapeutics

MapLight Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric and neurological disorders. The company’s research is centered on therapies designed to address underlying dysfunction in brain circuits and improve symptoms associated with serious conditions affecting the central nervous system.

MapLight is advancing a pipeline of investigational drug candidates through preclinical and clinical development. Its programs are intended to target significant unmet needs in areas such as schizophrenia and other neuropsychiatric conditions.