Maplight Therapeutics (NASDAQ:MPLT) Trading 8.2% Higher - Still a Buy?

Key Points

• Maplight Therapeutics (MPLT) shares rose 8.2% intraday to about $26.23 on Thursday, though trading volume was thin (51,368 shares vs a 200,330 average).
• Analysts are mixed but the consensus is a "Moderate Buy" with an average price target of $32.67; several firms initiated coverage with buy ratings and $35–$37 targets while others issued hold/sell views.
• The company reported a large quarterly EPS miss (loss of $2.47 vs. a $1.05 expected loss), it has a market cap of ~$1.21B and a negative P/E, and insiders have been net sellers in the past 90 days (74,612 shares sold vs 39,124 bought).

Maplight Therapeutics, Inc. (NASDAQ:MPLT - Get Free Report)'s share price traded up 8.2% during mid-day trading on Thursday . The company traded as high as $26.39 and last traded at $26.2270. 51,368 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 200,330 shares. The stock had previously closed at $24.24.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered Maplight Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, March 21st. Weiss Ratings began coverage on shares of Maplight Therapeutics in a research report on Thursday, January 22nd. They set a "sell (e)" rating on the stock. TD Cowen began coverage on shares of Maplight Therapeutics in a research report on Tuesday. They set a "buy" rating on the stock. Needham & Company LLC began coverage on shares of Maplight Therapeutics in a research report on Wednesday. They set a "buy" rating and a $37.00 price target on the stock. Finally, Canaccord Genuity Group began coverage on shares of Maplight Therapeutics in a research report on Thursday, March 19th. They set a "buy" rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.67.

Maplight Therapeutics Stock Performance

The company has a market capitalization of $1.21 billion and a P/E ratio of -0.72. The company's fifty day moving average is $18.45.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last released its quarterly earnings data on Thursday, March 26th. The company reported ($2.47) EPS for the quarter, missing the consensus estimate of ($1.05) by ($1.42).

Insider Activity

In related news, Director Robert C. Malenka sold 11,264 shares of Maplight Therapeutics stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $18.42, for a total transaction of $207,482.88. Following the completion of the transaction, the director owned 325,795 shares in the company, valued at approximately $6,001,143.90. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director George Pavlov purchased 9,920 shares of Maplight Therapeutics stock in a transaction that occurred on Friday, February 20th. The shares were acquired at an average price of $17.86 per share, with a total value of $177,171.20. Following the acquisition, the director directly owned 25,000 shares of the company's stock, valued at $446,500. This trade represents a 65.78% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 39,124 shares of company stock valued at $693,846 and sold 74,612 shares valued at $1,368,065.

Hedge Funds Weigh In On Maplight Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio bought a new position in Maplight Therapeutics during the fourth quarter worth about $53,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Maplight Therapeutics in the fourth quarter valued at $70,000. New York State Common Retirement Fund acquired a new position in shares of Maplight Therapeutics in the fourth quarter valued at $93,000. MetLife Investment Management LLC acquired a new position in shares of Maplight Therapeutics in the fourth quarter valued at $172,000. Finally, Walleye Capital LLC acquired a new position in shares of Maplight Therapeutics in the fourth quarter valued at $205,000.

About Maplight Therapeutics

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.

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