Maplight Therapeutics (NASDAQ:MPLT) Stock Falls 5.5% - Here's Why

Key Points

• Maplight Therapeutics shares fell 5.5% to about $9.28, with trading volume down 92% from its average. The stock is well below its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $29.50, although several firms recently lowered their targets, including Needham, HC Wainwright, and Morgan Stanley.
• The company reported a quarterly loss of $1.32 per share, beating expectations of a $1.40 loss. Insider activity was mixed, with a director buying shares while an insider sold stock under a pre-arranged trading plan.

Maplight Therapeutics, Inc. (NASDAQ:MPLT - Get Free Report) shares dropped 5.5% during trading on Monday. The stock traded as low as $9.34 and last traded at $9.2750. Approximately 38,723 shares were traded during trading, a decline of 92% from the average session volume of 474,173 shares. The stock had previously closed at $9.82.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Needham & Company LLC cut their price objective on Maplight Therapeutics from $45.00 to $43.00 and set a "buy" rating for the company in a report on Monday, August 31st. Benchmark reiterated a "buy" rating on shares of Maplight Therapeutics in a research note on Monday, June 22nd. Canaccord Genuity Group set a $21.00 price objective on shares of Maplight Therapeutics in a research report on Friday, August 14th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $21.00 target price (down from $34.00) on shares of Maplight Therapeutics in a report on Tuesday, July 28th. Finally, HC Wainwright cut their target price on shares of Maplight Therapeutics from $45.00 to $26.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $29.50.

Maplight Therapeutics Stock Down 5.1%

The firm has a market capitalization of $517.95 million and a price-to-earnings ratio of -0.22. The firm has a 50 day moving average of $12.08 and a two-hundred day moving average of $23.05.

Maplight Therapeutics (NASDAQ:MPLT - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($1.32) EPS for the quarter, beating the consensus estimate of ($1.40) by $0.08. Sell-side analysts forecast that Maplight Therapeutics, Inc. will post -5.12 EPS for the current fiscal year.

Insider Activity at Maplight Therapeutics

In other Maplight Therapeutics news, insider James Lillie sold 22,082 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $12.54, for a total value of $276,908.28. Following the transaction, the insider directly owned 202,380 shares of the company's stock, valued at approximately $2,537,845.20. The trade was a 9.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Cox bought 15,620 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were bought at an average price of $9.52 per share, for a total transaction of $148,702.40. Following the transaction, the director directly owned 15,620 shares in the company, valued at $148,702.40. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplight Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fcpm Iii Services B.V. bought a new position in shares of Maplight Therapeutics during the 4th quarter worth about $56,672,000. BlackRock Inc. bought a new position in Maplight Therapeutics in the second quarter worth approximately $36,741,000. Nan Fung Group Holdings Ltd bought a new position in Maplight Therapeutics in the second quarter worth approximately $34,809,708. 5AM Venture Management LLC acquired a new stake in Maplight Therapeutics in the second quarter valued at approximately $34,048,394. Finally, Blue Owl Capital Holdings LP bought a new stake in shares of Maplight Therapeutics during the second quarter valued at approximately $26,161,000.

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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