Maplight Therapeutics (NASDAQ:MPLT) Stock Rating Lowered by Wall Street Zen

Maplight Therapeutics (NASDAQ:MPLT) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Several other equities research analysts also recently commented on MPLT. HC Wainwright reduced their price objective on Maplight Therapeutics from $45.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Morgan Stanley cut shares of Maplight Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $34.00 to $21.00 in a research note on Tuesday, July 28th. Raymond James Financial set a $31.00 price target on shares of Maplight Therapeutics in a report on Friday, August 14th. Craig Hallum reiterated a “buy” rating and issued a $25.00 price target on shares of Maplight Therapeutics in a research note on Tuesday, July 28th. Finally, UBS Group cut shares of Maplight Therapeutics from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $13.00 in a report on Monday, August 10th. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Maplight Therapeutics Trading Up 5.1%

Shares of MPLT opened at $7.28 on Friday. The business’s fifty day simple moving average is $9.81 and its two-hundred day simple moving average is $20.07. Maplight Therapeutics has a 12 month low of $6.06 and a 12 month high of $40.43. The company has a market cap of $404.59 million and a price-to-earnings ratio of -0.17.

Maplight Therapeutics (NASDAQ:MPLT) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($1.32) earnings per share for the quarter, topping the consensus estimate of ($1.40) by $0.08. As a group, research analysts forecast that Maplight Therapeutics will post -5.01 EPS for the current year.

Insiders Place Their Bets

In related news, insider Erin Pennock Foff sold 15,355 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $8.08, for a total value of $124,068.40. Following the transaction, the insider owned 296,906 shares of the company’s stock, valued at approximately $2,399,000.48. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jonathan Gillis sold 10,167 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $8.08, for a total transaction of $82,149.36. Following the sale, the chief financial officer owned 142,315 shares of the company’s stock, valued at $1,149,905.20. This trade represents a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 122,974 shares of company stock valued at $990,690. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc purchased a new stake in shares of Maplight Therapeutics in the 2nd quarter worth $37,000. Bank of New York Mellon Corp lifted its position 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 valued at $802,000 after purchasing an additional 3,608 shares in the last quarter. Wellington Management Group LLP lifted its position in Maplight Therapeutics by 12.4% during the second quarter. Wellington Management Group LLP now owns 51,917 shares of the company’s stock valued at $1,861,000 after purchasing an additional 5,709 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Maplight Therapeutics during the second quarter valued at $252,000. Finally, Deutsche Bank AG bought a new stake in Maplight Therapeutics during the second quarter valued at about $370,000.

About Maplight Therapeutics

MapLight Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neuropsychiatric and neurological disorders. The company’s research is centered on therapies designed to address underlying dysfunction in brain circuits and improve symptoms associated with serious conditions affecting the central nervous system.

MapLight is advancing a pipeline of investigational drug candidates through preclinical and clinical development. Its programs are intended to target significant unmet needs in areas such as schizophrenia and other neuropsychiatric conditions.