Maplight Therapeutics (NASDAQ:MPLT) Trading Down 6.6% – Here’s Why

Maplight Therapeutics, Inc. (NASDAQ:MPLT) shares were down 6.6% on Friday . The company traded as low as $28.48 and last traded at $28.3450. Approximately 176,584 shares changed hands during trading, a decline of 27% from the average daily volume of 243,316 shares. The stock had previously closed at $30.35.

Analyst Ratings Changes

A number of research firms recently commented on MPLT. Stifel Nicolaus increased their price objective on Maplight Therapeutics from $28.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Craig Hallum began coverage on Maplight Therapeutics in a report on Thursday, May 21st. They issued a “buy” rating and a $43.00 price objective on the stock. Wall Street Zen downgraded Maplight Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Lifesci Capital upgraded Maplight Therapeutics to a “strong-buy” rating in a report on Thursday, May 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Maplight Therapeutics in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $37.78.

Maplight Therapeutics Stock Performance

The stock has a 50 day moving average of $28.17 and a two-hundred day moving average of $21.42. The firm has a market capitalization of $1.21 billion and a P/E ratio of -0.69.

Maplight Therapeutics (NASDAQ:MPLT) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($1.34) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.43). Sell-side analysts predict that Maplight Therapeutics, Inc. will post -5.04 EPS for the current year.

Insider Buying and Selling

In other Maplight Therapeutics news, insider Jonathan Gillis sold 51,900 shares of Maplight Therapeutics stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $29.74, for a total value of $1,543,506.00. Following the transaction, the insider directly owned 199,154 shares of the company’s stock, valued at $5,922,839.96. The trade was a 20.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin Pennock Foff sold 24,052 shares of Maplight Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $28.76, for a total value of $691,735.52. Following the completion of the transaction, the insider directly owned 350,497 shares in the company, valued at approximately $10,080,293.72. This represents a 6.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 495,244 shares of company stock worth $14,079,461. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Maplight Therapeutics

Several institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC acquired a new stake in shares of Maplight Therapeutics during the 1st quarter worth approximately $1,113,000. ADAR1 Capital Management LLC acquired a new stake in shares of Maplight Therapeutics during the 1st quarter worth approximately $7,622,000. Bank of New York Mellon Corp grew its holdings in shares of Maplight Therapeutics by 10.1% during the 1st 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 in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Maplight Therapeutics during the 4th quarter worth approximately $49,168,000. Finally, Invesco Ltd. acquired a new stake in shares of Maplight Therapeutics during the 4th quarter worth approximately $228,000.

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.