Maplight Therapeutics (NASDAQ:MPLT) CEO Christopher Kroeger Sells 73,691 Shares of Stock

Maplight Therapeutics, Inc. (NASDAQ:MPLT) CEO Christopher Kroeger sold 73,691 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 $595,423.28. Following the completion of the sale, the chief executive officer directly owned 1,195,909 shares of the company’s stock, valued at approximately $9,662,944.72. The trade was a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Maplight Therapeutics Stock Down 4.0%

Shares of NASDAQ MPLT traded down $0.32 during midday trading on Friday, hitting $7.70. 359,069 shares of the company’s stock were exchanged, compared to its average volume of 479,482. The firm has a market capitalization of $427.97 million and a PE ratio of -0.18. Maplight Therapeutics, Inc. has a 12 month low of $7.46 and a 12 month high of $40.43. The company’s 50 day moving average price is $11.24 and its 200 day moving average price is $22.37.

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, beating analysts’ consensus estimates of ($1.40) by $0.08. On average, equities research analysts anticipate that Maplight Therapeutics, Inc. will post -5.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MPLT. BMO Capital Markets began coverage on shares of Maplight Therapeutics in a report on Monday, July 20th. They set an “outperform” rating and a $46.00 target price for the company. Wolfe Research reissued an “outperform” rating and issued a $30.00 price target on shares of Maplight Therapeutics in a report on Monday, July 27th. Guggenheim started coverage on shares of Maplight Therapeutics in a report on Monday, October 5th. They issued a “neutral” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Maplight Therapeutics in a research report on Friday, October 9th. Finally, Needham & Company LLC reduced their price target on Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, August 31st. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Key Headlines Impacting Maplight Therapeutics

Here are the key news stories impacting Maplight Therapeutics this week:

• Positive Sentiment: MapLight Therapeutics is described as technically oversold after falling 29.2% over four weeks, potentially creating conditions for a rebound. Wall Street analysts have also been revising earnings estimates higher, providing a possible catalyst for a trend reversal. Down 29.2% in 4 Weeks, Here’s Why You Should You Buy the Dip in MapLight Therapeutics
• Neutral Sentiment: CEO Christopher Kroeger sold 73,691 shares for approximately $595,423, while CFO Jonathan Gillis sold 10,167 shares for approximately $82,149. Both executives retained substantial holdings, and the filings said the sales covered tax obligations tied to equity vesting. CEO Form 4 Filing CFO Form 4 Filing
• Negative Sentiment: Additional insiders Erin Pennock Foff, James Lillie and Anatol Kreitzer sold a combined 39,116 shares for roughly $313,118. Although these were also tax-withholding transactions, the cluster of insider selling can weigh on sentiment and add perceived supply pressure. Erin Pennock Foff Form 4 Filing James Lillie Form 4 Filing Anatol Kreitzer Form 4 Filing

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Maplight Therapeutics during the second quarter worth about $36,741,000. Nan Fung Group Holdings Ltd acquired a new stake in Maplight Therapeutics during the second quarter worth about $34,809,708. 5AM Venture Management LLC acquired a new stake in Maplight Therapeutics during the second quarter worth about $34,048,394. Blue Owl Capital Holdings LP bought a new position in Maplight Therapeutics in the 2nd quarter valued at about $26,161,000. Finally, ADAR1 Capital Management LLC bought a new position in Maplight Therapeutics in the 1st quarter valued at about $7,622,000.

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.