Maplight Therapeutics (NASDAQ:MPLT) Reaches New 52-Week Low - Here's Why

Key Points

• Maplight Therapeutics fell to a new 52-week low of $8.98, with the stock last trading near $9.22. Its market capitalization is approximately $518.6 million, while its 50-day and 200-day moving averages stand at $12.06 and $22.99, respectively.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating and an average price target of $29.50, significantly above the current share price. The company reported a quarterly loss of $1.32 per share, beating estimates by $0.08.
• Insider activity was mixed: Director Troy Cox bought 15,620 shares, while James Lillie sold 22,082 shares under a pre-arranged trading plan. Insiders collectively own 3.8% of the company, and several institutional investors recently increased or initiated positions.

Maplight Therapeutics, Inc. (NASDAQ:MPLT - Get Free Report) hit a new 52-week low during trading on Tuesday. The company traded as low as $8.98 and last traded at $9.2170, with a volume of 20798 shares trading hands. The stock had previously closed at $9.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group set a $21.00 target price on shares of Maplight Therapeutics in a research report on Friday, August 14th. BMO Capital Markets initiated coverage on Maplight Therapeutics in a report on Monday, July 20th. They set an "outperform" rating and a $46.00 target price on the stock. Craig Hallum reissued a "buy" rating and issued a $25.00 price target on shares of Maplight Therapeutics in a report on Tuesday, July 28th. 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. Finally, Raymond James Financial set a $31.00 target price on shares of Maplight Therapeutics in a report on Friday, August 14th. 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 assigned a Sell rating to the company. According to data from MarketBeat, Maplight Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.

Maplight Therapeutics Price Performance

The company has a market cap of $518.56 million and a PE ratio of -0.22. The company has a 50-day moving average price of $12.06 and a two-hundred day moving average price of $22.99.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.32) EPS for the quarter, topping the consensus estimate of ($1.40) by $0.08. On average, equities research analysts anticipate that Maplight Therapeutics, Inc. will post -5.12 earnings per share for the current year.

Insiders Place Their Bets

In other Maplight Therapeutics news, Director Troy Cox purchased 15,620 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were acquired at an average price of $9.52 per share, for a total transaction of $148,702.40. Following the completion of the purchase, the director owned 15,620 shares in the company, valued at $148,702.40. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Lillie sold 22,082 shares of the 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 directly owned 202,380 shares of the company's stock, valued at $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. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Maplight Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in Maplight Therapeutics during the second quarter worth about $37,000. Bank of New York Mellon Corp raised its position in shares of Maplight Therapeutics by 10.1% during the 1st 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 during the period. Wellington Management Group LLP lifted 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 worth $1,861,000 after purchasing an additional 5,709 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Maplight Therapeutics in the 2nd quarter worth approximately $252,000. Finally, Deutsche Bank AG acquired a new position in Maplight Therapeutics during the 2nd quarter valued at approximately $370,000.

Maplight Therapeutics Company Profile

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.

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