Maplight Therapeutics (NASDAQ:MPLT) Trading Down 7% – Here’s What Happened

Shares of Maplight Therapeutics, Inc. (NASDAQ:MPLT) dropped 7% on Thursday . The stock traded as low as $11.40 and last traded at $11.30. Approximately 92,493 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 457,838 shares. The stock had previously closed at $12.15.

Wall Street Analysts Forecast Growth

MPLT has been the subject of a number of research reports. Benchmark reiterated a “buy” rating on shares of Maplight Therapeutics in a research report on Monday, June 22nd. Stifel Nicolaus lifted their price target on shares of Maplight Therapeutics from $28.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. BMO Capital Markets started coverage on shares of Maplight Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $46.00 price objective on the stock. Needham & Company LLC lifted their target price on shares of Maplight Therapeutics from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $21.00 price target (down from $34.00) on shares of Maplight Therapeutics in a research note on Tuesday, July 28th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Maplight Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $29.67.

Maplight Therapeutics Stock Down 7.8%

The stock has a market cap of $519.43 million and a price-to-earnings ratio of -0.26. The stock’s fifty day moving average is $26.28 and its 200-day moving average is $24.38.

Maplight Therapeutics (NASDAQ:MPLT) last posted its earnings results on Thursday, August 13th. The company reported ($1.32) earnings per share for the quarter, topping the consensus estimate of ($1.40) by $0.08. As a group, equities research analysts predict that Maplight Therapeutics, Inc. will post -5.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplight Therapeutics

In other Maplight Therapeutics news, insider James Woodruff Lillie sold 22,082 shares of Maplight Therapeutics stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $12.54, for a total transaction of $276,908.28. Following the transaction, the insider directly owned 202,380 shares in the company, valued at approximately $2,537,845.20. The trade was a 9.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Cox purchased 15,620 shares of the stock in a transaction on Tuesday, July 28th. The stock was acquired at an average price of $9.52 per share, with a total value of $148,702.40. Following the completion of the acquisition, the director directly owned 15,620 shares of the company’s stock, valued at approximately $148,702.40. This 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 Trading of Maplight Therapeutics

Several hedge funds have recently bought and sold shares of MPLT. Fcpm Iii Services B.V. acquired a new position in Maplight Therapeutics during the fourth quarter worth $56,672,000. T. Rowe Price Investment Management Inc. acquired a new stake in Maplight Therapeutics in the fourth quarter valued at $49,168,000. Goldman Sachs Group Inc. bought a new position in shares of Maplight Therapeutics in the 4th quarter valued at about $34,026,000. BlackRock Inc. bought a new position in shares of Maplight Therapeutics in the 2nd quarter valued at about $36,741,000. Finally, Nan Fung Group Holdings Ltd acquired a new position in shares of Maplight Therapeutics during the 2nd quarter worth about $34,809,708,000.

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.