Maplight Therapeutics (NASDAQ:MPLT) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen cut Maplight Therapeutics’ rating from “sell” to “strong sell.” Analyst views remain mixed overall: MarketBeat reports a “Moderate Buy” consensus and an average price target of $29.50.
• Shares opened at $6.93, near the stock’s 52-week low of $6.06 and well below its $40.43 high; the 50-day and 200-day moving averages were $9.91 and $20.12, respectively.
• Maplight reported a quarterly loss of $1.32 per share, narrower than the $1.40 loss analysts expected. Recent insider share sales were disclosed as covering tax withholding on vested equity awards.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Sunday, Wall Street Zen reports.

Several other brokerages also recently issued reports on MPLT. Weiss Ratings downgraded Maplight Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 23rd. Needham & Company LLC lowered their price target on Maplight Therapeutics from $45.00 to $43.00 and set a "buy" rating for the company in a research report on Monday, August 31st. Craig Hallum restated a "buy" rating and set a $25.00 price objective on shares of Maplight Therapeutics in a research note on Tuesday, July 28th. Guggenheim initiated coverage on shares of Maplight Therapeutics in a report on Monday, October 5th. They set a "neutral" rating on the stock. Finally, Wolfe Research reiterated an "outperform" rating and issued a $30.00 target price on shares of Maplight Therapeutics in a research note on Monday, July 27th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $29.50.

Maplight Therapeutics Trading Up 11.4%

Shares of MPLT opened at $6.93 on Friday. The stock has a fifty day moving average of $9.91 and a 200-day moving average of $20.12. Maplight Therapeutics has a 52 week low of $6.06 and a 52 week high of $40.43.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.40) by $0.08. Sell-side analysts predict that Maplight Therapeutics will post -5.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplight Therapeutics

In other Maplight Therapeutics news, insider James Lillie sold 11,513 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $8.08, for a total value of $93,025.04. Following the transaction, the insider directly owned 198,597 shares in the company, valued at $1,604,663.76. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $8.08, for a total transaction of $595,423.28. Following the transaction, the chief executive officer directly owned 1,195,909 shares of the company's stock, valued at $9,662,944.72. This represents a 5.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 122,974 shares of company stock valued at $990,690 in the last three months. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplight Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP grew its position in shares of Maplight Therapeutics by 12.4% during the 2nd quarter. Wellington Management Group LLP now owns 51,917 shares of the company's stock valued at $1,861,000 after purchasing an additional 5,709 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Maplight Therapeutics in the 2nd quarter worth approximately $1,952,000. Freestone Grove Partners LP purchased a new stake in Maplight Therapeutics during the second quarter valued at about $6,054,000. 5AM Venture Management LLC bought a new position in Maplight Therapeutics during the 2nd quarter worth approximately $34,048,394. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Maplight Therapeutics in the second quarter worth $950,000.

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.

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