Maplight Therapeutics (NASDAQ:MPLT) Insider Erin Pennock Foff Sells 15,355 Shares of Stock

Maplight Therapeutics, Inc. (NASDAQ:MPLT) insider Erin Pennock Foff sold 15,355 shares of the stock in a transaction 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 completion of the sale, the insider owned 296,906 shares in the company, valued at approximately $2,399,000.48. The trade was a 4.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Maplight Therapeutics Trading Down 4.0%

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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. BMO Capital Markets initiated coverage on Maplight Therapeutics in a research report on Monday, July 20th. They set an “outperform” rating and a $46.00 price objective for the company. Guggenheim started coverage on shares of Maplight Therapeutics in a research note on Monday, October 5th. They set a “neutral” rating on the stock. Needham & Company LLC reduced their target price on shares of Maplight Therapeutics from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, August 31st. 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, Canaccord Genuity Group set a $21.00 price target on shares of Maplight Therapeutics in a research note on Friday, August 14th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Hedge Funds Weigh In On Maplight Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Maplight Therapeutics by 12.4% in the second quarter. Wellington Management Group LLP now owns 51,917 shares of the company’s stock valued at $1,861,000 after buying an additional 5,709 shares in the last quarter. Bank of America Corp DE purchased a new stake in Maplight Therapeutics during the 2nd quarter worth about $1,952,000. Freestone Grove Partners LP purchased a new stake in Maplight Therapeutics during the 2nd quarter worth about $6,054,000. 5AM Venture Management LLC acquired a new position in shares of Maplight Therapeutics during the 2nd quarter worth about $34,048,394. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Maplight Therapeutics during the 2nd quarter worth about $950,000.

Maplight Therapeutics News Roundup

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

About Maplight Therapeutics

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.