Maplight Therapeutics (NASDAQ:MPLT) Sets New 12-Month Low – Here’s What Happened

Maplight Therapeutics, Inc. (NASDAQ:MPLT)’s share price reached a new 52-week low during trading on Tuesday. The stock traded as low as $8.98 and last traded at $9.2170, with a volume of 20798 shares. The stock had previously closed at $9.27.

Analysts Set New Price Targets

MPLT has been the topic of several recent research reports. Wall Street Zen downgraded shares of Maplight Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday. Canaccord Genuity Group set a $21.00 price target on shares of Maplight Therapeutics in a research note on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Maplight Therapeutics in a report on Monday, July 13th. Morgan Stanley reiterated an “equal weight” rating and set a $21.00 price objective (down from $34.00) on shares of Maplight Therapeutics in a research report on Tuesday, July 28th. Finally, BMO Capital Markets initiated coverage on Maplight Therapeutics in a research note on Monday, July 20th. They set an “outperform” rating and a $46.00 target price on the stock. Four research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Maplight Therapeutics Price Performance

The firm has a market capitalization of $518.56 million and a P/E ratio of -0.22. The firm’s fifty day moving average price is $12.06 and its 200-day moving average price is $22.99.

Maplight Therapeutics (NASDAQ:MPLT) last announced its 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. Analysts expect that Maplight Therapeutics, Inc. will post -5.12 earnings per share for the current year.

Insider Buying and Selling at Maplight Therapeutics

In other news, Director Troy Cox bought 15,620 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was acquired at an average price of $9.52 per share, with a total value of $148,702.40. Following the completion of the purchase, the director directly owned 15,620 shares of the company’s stock, valued at $148,702.40. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James Lillie sold 22,082 shares of Maplight Therapeutics stock in a transaction dated 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 in the company, valued at approximately $2,537,845.20. The trade was a 9.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Maplight Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in Maplight Therapeutics by 12.4% in the second quarter. Wellington Management Group LLP now owns 51,917 shares of the company’s stock worth $1,861,000 after buying an additional 5,709 shares during the last quarter. Bank of America Corp DE acquired a new position in Maplight Therapeutics in the 2nd quarter worth approximately $1,952,000. Freestone Grove Partners LP purchased a new position in Maplight Therapeutics during the 2nd quarter worth approximately $6,054,000. 5AM Venture Management LLC acquired a new stake in Maplight Therapeutics during the 2nd quarter valued at $34,048,394. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Maplight Therapeutics in the second quarter valued at $950,000.

About Maplight Therapeutics

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.