Maplight Therapeutics (NASDAQ:MPLT) Trading Up 6.4% - Here's Why

Key Points

• Maplight Therapeutics shares rose 6.4% to $12.11 in midday trading, though volume was 91% below the average session level.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $31.17; individual targets reached $30 and $46, despite one “sell” rating.
• The company reported a quarterly loss of $1.34 per share, missing estimates by $0.43, while insider activity included a director’s purchase of 15,620 shares and the CEO’s sale of 118,235 shares under a Rule 10b5-1 plan.

Maplight Therapeutics, Inc. (NASDAQ:MPLT - Get Free Report) was up 6.4% during mid-day trading on Thursday . The stock traded as high as $12.32 and last traded at $12.11. Approximately 42,700 shares traded hands during trading, a decline of 91% from the average session volume of 452,859 shares. The stock had previously closed at $11.38.

Wall Street Analysts Forecast Growth

MPLT has been the topic of a number of research reports. Lifesci Capital raised shares of Maplight Therapeutics to a "strong-buy" rating in a research note on Thursday, May 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Maplight Therapeutics in a report on Monday, July 27th. Wolfe Research reiterated an "outperform" rating and set a $30.00 price objective on shares of Maplight Therapeutics in a research report on Monday, July 27th. Raymond James Financial began coverage on Maplight Therapeutics in a report on Wednesday, June 24th. They issued a "strong-buy" rating and a $46.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Maplight Therapeutics in a research note on Monday, July 13th. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $31.17.

Maplight Therapeutics Trading Up 4.6%

The firm's fifty day simple moving average is $28.01 and its two-hundred day simple moving average is $24.62. The company has a market capitalization of $507.39 million and a price-to-earnings ratio of -0.29.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($1.34) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.43). As a group, analysts forecast that Maplight Therapeutics, Inc. will post -5.22 EPS for the current fiscal year.

Insider Activity

In related news, Director Troy Cox acquired 15,620 shares of Maplight Therapeutics stock in a transaction that occurred on Tuesday, July 28th. The shares were purchased at an average cost of $9.52 per share, for a total transaction of $148,702.40. Following the acquisition, the director owned 15,620 shares in the company, valued at approximately $148,702.40. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Christopher A. Kroeger sold 118,235 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.19, for a total transaction of $3,214,809.65. Following the transaction, the chief executive officer directly owned 1,394,094 shares of the company's stock, valued at approximately $37,905,415.86. This trade represents a 7.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Maplight Therapeutics

Several large investors have recently made changes to their positions in MPLT. Strs Ohio acquired a new stake in Maplight Therapeutics in the 4th quarter valued at approximately $53,000. Bank of New York Mellon Corp lifted its stake in Maplight Therapeutics by 10.1% during the first quarter. Bank of New York Mellon Corp now owns 39,465 shares of the company's stock worth $802,000 after purchasing an additional 3,608 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Maplight Therapeutics in the fourth quarter valued at $70,000. New York State Common Retirement Fund purchased a new stake in shares of Maplight Therapeutics in the 4th quarter valued at $93,000. Finally, MetLife Investment Management LLC acquired a new position in Maplight Therapeutics during the 4th quarter worth about $172,000.

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.

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