Maplight Therapeutics (NASDAQ:MPLT) Trading 6.4% Higher After Better-Than-Expected Earnings

Maplight Therapeutics, Inc. (NASDAQ:MPLT)’s stock price was up 6.4% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $12.32 and last traded at $12.11. 42,700 shares changed hands during trading, a decline of 91% from the average daily volume of 452,859 shares. The stock had previously closed at $11.38.

The company reported ($1.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.40) by $0.08.

Wall Street Analysts Forecast Growth

Several analysts have commented on MPLT shares. Wall Street Zen raised shares of Maplight Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Saturday. BMO Capital Markets began coverage on Maplight Therapeutics in a research note on Monday, July 20th. They issued an “outperform” rating and a $46.00 price objective on the stock. Wolfe Research reissued an “outperform” rating and issued a $30.00 price target on shares of Maplight Therapeutics in a research report on Monday, July 27th. Lifesci Capital upgraded Maplight Therapeutics to a “strong-buy” rating in a research report on Thursday, May 14th. Finally, HC Wainwright dropped their price objective on Maplight Therapeutics from $45.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Maplight Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.

Insider Transactions at Maplight Therapeutics

In other Maplight Therapeutics news, Director Troy Cox acquired 15,620 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was bought at an average price of $9.52 per share, with a total value of $148,702.40. Following the purchase, the director owned 15,620 shares of the company’s stock, valued at approximately $148,702.40. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Woodruff Lillie sold 22,082 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $12.54, for a total transaction of $276,908.28. Following the sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplight Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new position in Maplight Therapeutics during the 2nd quarter valued at about $37,000. Strs Ohio bought a new position in Maplight Therapeutics in the fourth quarter worth about $53,000. Bank of New York Mellon Corp boosted its position in 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 valued at $802,000 after acquiring an additional 3,608 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Maplight Therapeutics during the fourth quarter valued at approximately $70,000. Finally, New York State Common Retirement Fund purchased a new position in Maplight Therapeutics during the fourth quarter valued at $93,000.

Maplight Therapeutics Trading Up 1.5%

The company has a market capitalization of $500.79 million and a P/E ratio of -0.28. The company’s 50 day moving average is $27.31 and its 200-day moving average is $24.49.

Maplight Therapeutics Company Profile

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.