Maplight Therapeutics (NASDAQ:MPLT) Shares Down 5.5% – Time to Sell?

Maplight Therapeutics, Inc. (NASDAQ:MPLT)’s stock price dropped 5.5% during mid-day trading on Monday. The company traded as low as $9.34 and last traded at $9.2750. 38,723 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 474,173 shares. The stock had previously closed at $9.82.

Wall Street Analyst Weigh In

MPLT has been the topic of several analyst reports. Benchmark reissued a “buy” rating on shares of Maplight Therapeutics in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Maplight Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Maplight Therapeutics in a report on Monday, July 13th. Guggenheim initiated coverage on shares of Maplight Therapeutics in a research report on Monday. They issued a “neutral” rating for the company. Finally, Needham & Company LLC reduced their target price on shares of Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, August 31st. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Maplight Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Maplight Therapeutics Trading Up 4.5%

The company’s 50-day moving average is $12.01 and its 200 day moving average is $22.94. The stock has a market capitalization of $538.57 million and a PE ratio of -0.23.

Maplight Therapeutics (NASDAQ:MPLT) last released 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. Sell-side analysts forecast that Maplight Therapeutics, Inc. will post -5.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Troy Cox acquired 15,620 shares of the business’s stock in a transaction on 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 completion of the acquisition, the director 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James Lillie sold 22,082 shares of Maplight Therapeutics stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $12.54, for a total value of $276,908.28. Following the completion of the transaction, the insider owned 202,380 shares of the company’s stock, valued at approximately $2,537,845.20. This represents a 9.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Institutional Trading of Maplight Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of MPLT. Fcpm Iii Services B.V. acquired a new position in shares of Maplight Therapeutics during the fourth quarter valued at approximately $56,672,000. BlackRock Inc. acquired a new stake in shares of Maplight Therapeutics in the second quarter worth approximately $36,741,000. Nan Fung Group Holdings Ltd acquired a new stake in shares of Maplight Therapeutics in the second quarter worth approximately $34,809,708. 5AM Venture Management LLC purchased a new stake in shares of Maplight Therapeutics during the second quarter worth approximately $34,048,394. Finally, Blue Owl Capital Holdings LP acquired a new position in Maplight Therapeutics in the 2nd quarter valued at $26,161,000.

About Maplight Therapeutics

MapLight Therapeutics is a clinical-stage biopharmaceutical company developing medicines for neuropsychiatric and neurological disorders. The company focuses on conditions for which existing treatments may provide limited benefits or cause significant side effects.

MapLight uses a neuroscience-focused drug discovery and development approach to identify therapies intended to address the underlying biology of central nervous system disorders. Its pipeline includes investigational small-molecule treatments being studied for conditions such as schizophrenia and other serious mental health disorders.

The company conducts research and clinical development in the United States.