Maplight Therapeutics (NASDAQ:MPLT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Maplight Therapeutics from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $29.50.
• Maplight shares opened at $7.58, near their 52-week low of $7.44 and well below the $40.43 high; the company reported a quarterly loss of $1.32 per share, beating estimates by $0.08.
• Company insiders sold 145,056 shares worth approximately $1.27 million over the past 90 days, while several institutional investors—including 5AM Venture Management—established or increased positions during the second quarter.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

MPLT has been the topic of several other research reports. Raymond James Financial set a $31.00 price objective on Maplight Therapeutics in a report on Friday, August 14th. Guggenheim assumed coverage on Maplight Therapeutics in a report on Monday, October 5th. They set a "neutral" rating for the company. Wolfe Research reaffirmed an "outperform" rating and issued a $30.00 target price on shares of Maplight Therapeutics in a research report on Monday, July 27th. Canaccord Genuity Group set a $21.00 price objective on shares of Maplight Therapeutics in a research note on Friday, August 14th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Maplight Therapeutics in a report on Monday, July 27th. 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 issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $29.50.

Maplight Therapeutics Trading Down 1.8%

Maplight Therapeutics stock opened at $7.58 on Friday. Maplight Therapeutics has a fifty-two week low of $7.44 and a fifty-two week high of $40.43. The firm has a 50 day moving average price of $10.45 and a 200 day moving average price of $20.40.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last announced its 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. As a group, equities research analysts anticipate that Maplight Therapeutics will post -5.01 earnings per share for the current fiscal year.

Insider Transactions at Maplight Therapeutics

In other Maplight Therapeutics news, CFO Jonathan Gillis sold 10,167 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $8.08, for a total transaction of $82,149.36. Following the sale, the chief financial officer owned 142,315 shares in the company, valued at $1,149,905.20. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anatol Kreitzer sold 12,248 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $7.84, for a total value of $96,024.32. Following the completion of the sale, the insider directly owned 168,678 shares in the company, valued at $1,322,435.52. This represents a 6.77% decrease in their position. 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 sold a total of 145,056 shares of company stock valued at $1,267,599 in the last 90 days. Insiders own 3.80% of the company's stock.

Institutional Trading of Maplight Therapeutics

A number of large investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Maplight Therapeutics by 12.4% in 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 purchased a new stake in shares of Maplight Therapeutics during the 2nd quarter worth $1,952,000. Freestone Grove Partners LP acquired a new position in shares of Maplight Therapeutics during the second quarter worth $6,054,000. 5AM Venture Management LLC acquired a new position in shares of Maplight Therapeutics during the second quarter worth $34,048,394. Finally, ADAR1 Capital Management LLC purchased a new position in Maplight Therapeutics in the second quarter valued at $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.