Maplight Therapeutics (NASDAQ:MPLT) Stock Price Down 10% After Insider Selling

by · The Cerbat Gem

Maplight Therapeutics, Inc. (NASDAQ:MPLT – Get Free Report) shares dropped 10% during mid-day trading on Monday following insider selling activity. The stock traded as low as $26.20 and last traded at $25.8550. Approximately 257,648 shares changed hands during trading, an increase of 10% from the average daily volume of 233,663 shares. The stock had previously closed at $28.73.

Specifically, CEO Christopher A. Kroeger sold 118,235 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.19, for a total transaction of $3,214,809.65. Following the transaction, the chief executive officer directly owned 1,394,094 shares of the company’s stock, valued at approximately $37,905,415.86. This trade represents a 7.82% 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.

Wall Street Analyst Weigh In

MPLT has been the topic of a number of recent research reports. HC Wainwright initiated coverage on Maplight Therapeutics in a research note on Monday, May 4th. They set a “buy” rating and a $45.00 price objective on the stock. Canaccord Genuity Group initiated coverage on shares of Maplight Therapeutics in a report on Thursday, March 19th. They set a “buy” rating and a $35.00 target price for the company. Weiss Ratings initiated coverage on shares of Maplight Therapeutics in a report on Thursday, January 22nd. They set a “sell (e)” rating for the company. Lifesci Capital upgraded shares of Maplight Therapeutics to a “strong-buy” rating in a report on Thursday, May 14th. Finally, Needham & Company LLC initiated coverage on shares of Maplight Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $37.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.43.

Read Our Latest Stock Report on MPLT

Maplight Therapeutics Stock Up 2.7%

The firm has a fifty day moving average price of $24.58. The stock has a market cap of $1.19 billion and a P/E ratio of -0.68.

Maplight Therapeutics (NASDAQ:MPLT – Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.43). On average, equities analysts expect that Maplight Therapeutics, Inc. will post -4.36 earnings per share for the current fiscal year.

Institutional Trading of Maplight Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio purchased a new stake in Maplight Therapeutics in the fourth quarter worth about $53,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Maplight Therapeutics in the fourth quarter worth about $70,000. New York State Common Retirement Fund purchased a new stake in Maplight Therapeutics in the fourth quarter worth about $93,000. MetLife Investment Management LLC purchased a new stake in Maplight Therapeutics in the fourth quarter worth about $172,000. Finally, Walleye Capital LLC purchased a new stake in Maplight Therapeutics in the fourth quarter worth about $205,000.

Maplight Therapeutics Company Profile

(Get Free Report)

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.

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