Maplight Therapeutics (NASDAQ:MPLT) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen cut shares of Maplight Therapeutics (NASDAQ:MPLT) from a sell rating to a strong sell rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

A number of other research analysts have also issued reports on the company. BMO Capital Markets initiated coverage on Maplight Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $46.00 target price on the stock. Weiss Ratings downgraded Maplight Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Maplight Therapeutics in a report on Monday, July 27th. Wolfe Research reiterated an “outperform” rating and issued a $30.00 price objective on shares of Maplight Therapeutics in a research report on Monday, July 27th. Finally, Canaccord Genuity Group set a $21.00 price objective on shares of Maplight Therapeutics in a research note on Friday, August 14th. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Maplight Therapeutics has an average rating of “Moderate Buy” and an average target price of $29.50.

Maplight Therapeutics Price Performance

NASDAQ MPLT opened at $6.93 on Friday. The firm has a market cap of $385.17 million and a P/E ratio of -0.16. Maplight Therapeutics has a 52-week low of $6.06 and a 52-week high of $40.43. The business’s 50-day moving average price is $9.91 and its 200 day moving average price is $20.12.

Maplight Therapeutics (NASDAQ:MPLT) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($1.32) EPS for the quarter, beating the consensus estimate of ($1.40) by $0.08. As a group, analysts anticipate that Maplight Therapeutics will post -5.01 earnings per share for the current year.

Insider Buying and Selling

In other news, insider James Lillie sold 11,513 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $8.08, for a total transaction of $93,025.04. Following the completion of the transaction, the insider directly owned 198,597 shares of the company’s stock, valued at approximately $1,604,663.76. This represents a 5.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Christopher A. Kroeger sold 73,691 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $8.08, for a total value of $595,423.28. Following the transaction, the chief executive officer directly owned 1,195,909 shares of the company’s stock, valued at approximately $9,662,944.72. This trade represents a 5.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 122,974 shares of company stock worth $990,690 in the last three months. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Maplight Therapeutics

A number of institutional investors have recently modified their holdings of MPLT. Nan Fung Group Holdings Ltd acquired a new stake in Maplight Therapeutics in the second quarter valued at $34,809,708. BlackRock Inc. acquired a new position in shares of Maplight Therapeutics during the 2nd quarter worth $36,741,000. Blue Owl Capital Holdings LP acquired a new position in shares of Maplight Therapeutics during the 2nd quarter worth $26,161,000. ADAR1 Capital Management LLC acquired a new position in shares of Maplight Therapeutics during the 1st quarter worth $7,622,000. Finally, 5AM Venture Management LLC purchased a new position in shares of Maplight Therapeutics in the 2nd quarter valued at about $34,048,394.

About Maplight Therapeutics

MapLight Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric and neurological disorders. The company’s research is centered on therapies designed to address underlying dysfunction in brain circuits and improve symptoms associated with serious conditions affecting the central nervous system.

MapLight is advancing a pipeline of investigational drug candidates through preclinical and clinical development. Its programs are intended to target significant unmet needs in areas such as schizophrenia and other neuropsychiatric conditions.