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Investing.com - Jefferies initiated coverage on MapLight Therapeutics (NASDAQ:MPLT) with a Buy rating and a price target of $32.00 on Friday. The target represents significant upside from the current price of $13.29, which is hovering just above the 52-week low of $13.28, according to InvestingPro data.
The research firm highlighted MapLight’s Phase II pipeline, which it believes could disrupt the CNS/neurological treatment landscape. The company’s lead asset, ML-007C-MA, is an oral M1/M4 agonist being developed for schizophrenia and Alzheimer’s disease psychosis.
MapLight’s second asset, ML-004, is an oral 5-HT1B/1D targeting autism spectrum disorder. Jefferies noted that each program represents a potential blockbuster opportunity exceeding $1 billion in sales.
All three of MapLight’s programs will have placebo-controlled Phase II data available in 2026-2027, providing multiple opportunities for clinical validation. Jefferies views the risk/reward profile as favorable at the current $660 million market capitalization, though InvestingPro shows a more recent valuation of approximately $580 million.
The research firm also pointed to recent high-value acquisitions in the muscarinic receptor space, including Bristol Myers Squibb’s acquisition of Karuna Therapeutics for over $14 billion and AbbVie’s $9 billion purchase of Cerevel, suggesting potential future M&A interest in MapLight’s muscarinic programs.
In other recent news, MapLight Therapeutics completed its initial public offering and a concurrent private placement, raising $296.3 million in gross proceeds. The company sold 16,962,500 shares at $17.00 per share, which included an additional 2,212,500 shares purchased by underwriters. Additionally, MapLight conducted a private placement of 476,707 shares at the same price to affiliates of Goldman Sachs. MapLight Therapeutics made its debut on the Nasdaq Global Market at $19 per share, surpassing its IPO price. Morgan Stanley has initiated coverage on MapLight with an Overweight rating and a price target of $34.00. The firm highlights MapLight’s focus on developing therapies for psychiatric symptoms in central nervous system disorders. These developments mark significant milestones for MapLight Therapeutics as it enters the public market.
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