Maplight Therapeutics (NASDAQ:MPLT) Stock Price Down 6.6% – Time to Sell?

Maplight Therapeutics, Inc. (NASDAQ:MPLT) shares fell 6.6% on Friday . The company traded as low as $28.48 and last traded at $28.3450. 176,584 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 243,316 shares. The stock had previously closed at $30.35.

Analyst Upgrades and Downgrades

MPLT has been the topic of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Maplight Therapeutics in a research note on Thursday, May 28th. Wall Street Zen lowered Maplight Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. TD Cowen began coverage on shares of Maplight Therapeutics in a research report on Tuesday, April 7th. They set a “buy” rating on the stock. UBS Group initiated coverage on shares of Maplight Therapeutics in a report on Tuesday, May 26th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, Canaccord Genuity Group started coverage on shares of Maplight Therapeutics in a research note on Thursday, March 19th. They set a “buy” rating and a $35.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $37.78.

Maplight Therapeutics Price Performance

The company has a market cap of $1.18 billion and a price-to-earnings ratio of -0.68. The firm has a 50 day simple moving average of $28.30 and a 200-day simple moving average of $21.46.

Maplight Therapeutics (NASDAQ:MPLT) last announced 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). Research analysts anticipate that Maplight Therapeutics, Inc. will post -5.04 EPS for the current fiscal year.

Insider Activity at Maplight Therapeutics

In other Maplight Therapeutics news, insider Erin Pennock Foff sold 4,438 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $28.54, for a total transaction of $126,660.52. Following the transaction, the insider directly owned 346,059 shares in the company, valued at $9,876,523.86. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher A. Kroeger sold 118,235 shares of Maplight Therapeutics stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.19, for a total value of $3,214,809.65. Following the completion of the sale, the chief executive officer directly owned 1,394,094 shares of the company’s stock, valued at $37,905,415.86. The trade was a 7.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 495,244 shares of company stock worth $14,079,461 over the last quarter. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Maplight Therapeutics

Institutional investors have recently bought and sold shares of the company. Sanofi acquired a new position in shares of Maplight Therapeutics in the fourth quarter valued at approximately $16,020,000. Seven Grand Managers LLC purchased a new position in Maplight Therapeutics in the 4th quarter valued at approximately $1,756,000. Blue Owl Capital Holdings LP purchased a new position in Maplight Therapeutics in the 4th quarter valued at approximately $5,745,000. Strs Ohio acquired a new position in shares of Maplight Therapeutics in the fourth quarter worth $53,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Maplight Therapeutics during the first quarter worth $7,622,000.

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.