Maplight Therapeutics (NASDAQ:MPLT) Price Target Lowered to $26.00 at HC Wainwright

Maplight Therapeutics (NASDAQ:MPLT) had its price target reduced by equities researchers at HC Wainwright from $45.00 to $26.00 in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 162.63% from the company’s previous close.

MPLT has been the subject of several other reports. Craig Hallum dropped their price objective on Maplight Therapeutics from $43.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, June 23rd. Benchmark reaffirmed a “buy” rating on shares of Maplight Therapeutics in a research note on Monday, June 22nd. Needham & Company LLC lifted their price target on shares of Maplight Therapeutics from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. BMO Capital Markets initiated coverage on shares of Maplight Therapeutics in a research note on Monday, July 20th. They set an “outperform” rating and a $46.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating on shares of Maplight Therapeutics in a report on Monday. Four research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $37.25.

Maplight Therapeutics Stock Performance

Shares of MPLT opened at $9.90 on Tuesday. The business’s fifty day moving average price is $31.83 and its two-hundred day moving average price is $25.03. The firm has a market capitalization of $421.94 million and a price-to-earnings ratio of -0.24. Maplight Therapeutics has a 52 week low of $9.90 and a 52 week high of $40.43.

Maplight Therapeutics (NASDAQ:MPLT) last released 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). As a group, research analysts forecast that Maplight Therapeutics will post -5.13 EPS for the current year.

Insider Buying and Selling

In related news, insider James Woodruff Lillie sold 24,811 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $28.76, for a total value of $713,564.36. Following the completion of the sale, the insider owned 243,450 shares in the company, valued at approximately $7,001,622. This represents a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin Pennock Foff sold 4,438 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $28.54, for a total value of $126,660.52. Following the completion of the transaction, the insider directly owned 346,059 shares in the company, valued at $9,876,523.86. The trade was a 1.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 379,987 shares of company stock worth $10,644,411. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio acquired a new position in Maplight Therapeutics during the fourth quarter valued at approximately $53,000. Bank of New York Mellon Corp raised its holdings in Maplight Therapeutics by 10.1% in the first quarter. Bank of New York Mellon Corp now owns 39,465 shares of the company’s stock worth $802,000 after purchasing an additional 3,608 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Maplight Therapeutics during the fourth quarter worth $70,000. New York State Common Retirement Fund bought a new position in shares of Maplight Therapeutics during the fourth quarter worth $93,000. Finally, MetLife Investment Management LLC acquired a new position in shares of Maplight Therapeutics in the 4th quarter valued at $172,000.

About Maplight Therapeutics

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.