Maplight Therapeutics (NASDAQ:MPLT) Trading Down 9.2% – Here’s Why

Maplight Therapeutics, Inc. (NASDAQ:MPLT) shares traded down 9.2% on Thursday . The stock traded as low as $13.63 and last traded at $13.64. Approximately 895,748 shares traded hands during mid-day trading, an increase of 111% from the average daily volume of 425,081 shares. The stock had previously closed at $15.02.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BMO Capital Markets initiated coverage on shares of Maplight Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $46.00 target price on the stock. Needham & Company LLC increased their price target on shares of Maplight Therapeutics from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. UBS Group lifted their price target on Maplight Therapeutics from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Lifesci Capital raised Maplight Therapeutics to a “strong-buy” rating in a research note on Thursday, May 14th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Maplight Therapeutics in a research report on Monday. Four analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $34.42.

Maplight Therapeutics Stock Down 7.2%

The firm has a market cap of $554.91 million and a PE ratio of -0.32. The company’s 50 day moving average price is $30.66 and its two-hundred day moving average price is $24.88.

Maplight Therapeutics (NASDAQ:MPLT) last released its quarterly earnings results on Thursday, May 14th. The company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.43). On average, analysts expect that Maplight Therapeutics, Inc. will post -5.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Maplight Therapeutics news, Director Troy Cox purchased 15,620 shares of Maplight Therapeutics stock in a transaction dated Tuesday, July 28th. The shares were purchased at an average cost of $9.52 per share, for a total transaction of $148,702.40. Following the completion of the acquisition, the director owned 15,620 shares in the company, valued at $148,702.40. This represents a ? increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erin Pennock Foff sold 24,052 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $28.76, for a total value of $691,735.52. Following the transaction, the insider owned 350,497 shares of the company’s stock, valued at approximately $10,080,293.72. The trade was a 6.42% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 379,987 shares of company stock worth $10,644,411. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Maplight Therapeutics

Large investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in shares of Maplight Therapeutics in the fourth quarter worth about $53,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Maplight Therapeutics in the 4th quarter valued at about $70,000. New York State Common Retirement Fund bought a new position in Maplight Therapeutics in the 4th quarter worth about $93,000. MetLife Investment Management LLC bought a new position in Maplight Therapeutics in the 4th quarter worth about $172,000. Finally, Walleye Capital LLC purchased a new position in shares of Maplight Therapeutics during the fourth quarter worth approximately $205,000.

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.