Maplight Therapeutics (NASDAQ:MPLT) Shares Down 7.8% – Here’s What Happened

Maplight Therapeutics, Inc. (NASDAQ:MPLT) traded down 7.8% during trading on Tuesday . The company traded as low as $12.37 and last traded at $12.1250. 128,976 shares changed hands during trading, a decline of 73% from the average daily volume of 469,739 shares. The stock had previously closed at $13.15.

Analysts Set New Price Targets

A number of research firms recently issued reports on MPLT. UBS Group downgraded shares of Maplight Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the company from $52.00 to $13.00 in a report on Monday, August 10th. Wolfe Research reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Maplight Therapeutics in a research report on Monday, July 27th. Canaccord Genuity Group set a $21.00 price target on Maplight Therapeutics in a research note on Friday, August 14th. Needham & Company LLC decreased their target price on Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating for the company in a report on Monday, August 31st. Finally, Craig Hallum reissued a “buy” rating and issued a $25.00 target price on shares of Maplight Therapeutics in a research note on Tuesday, July 28th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Maplight Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Maplight Therapeutics Price Performance

The firm has a market capitalization of $525.07 million and a P/E ratio of -0.27. The business’s 50-day moving average is $18.48 and its 200 day moving average is $23.72.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Maplight Therapeutics

A number of institutional investors have recently made changes to their positions in MPLT. Wellington Management Group LLP lifted its stake in shares of Maplight Therapeutics by 12.4% in the second quarter. Wellington Management Group LLP now owns 51,917 shares of the company’s stock worth $1,861,000 after acquiring an additional 5,709 shares during the period. Bank of America Corp DE bought a new stake in shares of Maplight Therapeutics in the 2nd quarter valued at $1,952,000. Freestone Grove Partners LP bought a new position in Maplight Therapeutics during the second quarter worth $6,054,000. 5AM Venture Management LLC acquired a new position in Maplight Therapeutics in the second quarter valued at $34,048,394. Finally, ADAR1 Capital Management LLC acquired a new stake in Maplight Therapeutics during the 2nd quarter worth about $950,000.

About Maplight Therapeutics

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.