Maplight Therapeutics (NASDAQ:MPLT) Trading Down 4.6% – Time to Sell?

Shares of Maplight Therapeutics, Inc. (NASDAQ:MPLT) dropped 4.6% on Wednesday . The stock traded as low as $11.71 and last traded at $11.9640. Approximately 30,633 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 460,162 shares. The stock had previously closed at $12.54.

Wall Street Analysts Forecast Growth

MPLT has been the topic of several research analyst reports. Stifel Nicolaus raised their target price on shares of Maplight Therapeutics from $28.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Raymond James Financial set a $31.00 price target on shares of Maplight Therapeutics in a research note on Friday, August 14th. Benchmark reiterated a “buy” rating on shares of Maplight Therapeutics in a research note on Monday, June 22nd. Needham & Company LLC boosted their target price on Maplight Therapeutics from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Wolfe Research reissued an “outperform” rating and set a $30.00 target price on shares of Maplight Therapeutics in a report on Monday, July 27th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Maplight Therapeutics has an average rating of “Moderate Buy” and an average price target of $29.67.

Maplight Therapeutics Trading Down 2.5%

The company has a market cap of $581.61 million and a price-to-earnings ratio of -0.30. The business has a 50-day moving average price of $24.29 and a 200 day moving average price of $24.17.

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

Insider Transactions at Maplight Therapeutics

In other news, Director Troy Cox acquired 15,620 shares of Maplight Therapeutics stock in a transaction on Tuesday, July 28th. The stock was bought at an average cost of $9.52 per share, with a total value of $148,702.40. Following the completion of the purchase, the director owned 15,620 shares of the company’s stock, valued at $148,702.40. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Woodruff Lillie sold 22,082 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $12.54, for a total transaction of $276,908.28. Following the completion of the transaction, the insider owned 202,380 shares of the company’s stock, valued at approximately $2,537,845.20. The trade was a 9.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Maplight Therapeutics

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System lifted its position in shares of Maplight Therapeutics by 386.0% in the 2nd quarter. California State Teachers Retirement System now owns 5,161 shares of the company’s stock valued at $185,000 after acquiring an additional 4,099 shares in the last quarter. Wellington Management Group LLP grew its position in Maplight Therapeutics by 12.4% during the 2nd quarter. Wellington Management Group LLP now owns 51,917 shares of the company’s stock worth $1,861,000 after purchasing an additional 5,709 shares in the last quarter. Bank of America Corp DE acquired a new stake in Maplight Therapeutics during the 2nd quarter valued at $1,952,000. Freestone Grove Partners LP acquired a new stake in Maplight Therapeutics during the 2nd quarter valued at $6,054,000. Finally, 5AM Venture Management LLC purchased a new stake in shares of Maplight Therapeutics in the second quarter valued at $34,048,394,000.

About Maplight Therapeutics

We are a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system, or CNS, disorders. We were founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. Our discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation.