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Investing.com - MapLight Therapeutics (NASDAQ:MPLT) received a Buy rating initiation from Stifel on Friday, with analyst Paul Matteis setting a price target of $28.00, representing over 110% upside from the current price of $13.29. The stock is currently trading near its 52-week low of $13.28, having declined 27.54% over the past six months.
Stifel views MapLight as "an attractive opportunity as a potential second-mover in the muscarinic space," noting that despite Cobenfy’s slower than expected launch, the firm still sees substantial revenue potential in this market. With a market capitalization of approximately $580 million, InvestingPro data shows MapLight is not yet profitable, with an EBITDA of -$97.19 million in the last twelve months.
The firm believes MapLight’s ML-007C-MA drug candidate builds on learnings from competitors while offering potential differentiation through more convenient dosing and improved tolerability.
For investors, Stifel identifies the upcoming BMY ADEPT-2 readout as the next catalyst, describing it as "an important event for the space where Street expectations are fairly low" with an "upside biased" risk/reward profile for MapLight.
MapLight is currently conducting two Phase 2 trials of ML-007C-MA in schizophrenia and ADP, with key data expected in the second half of 2026 and second half of 2027, respectively.
In other recent news, MapLight Therapeutics completed its initial public offering (IPO) and a concurrent private placement, raising a total of $296.3 million. The company sold 16,962,500 shares at $17.00 per share, which included the full exercise of the underwriters’ option to purchase additional shares. The IPO was underwritten by Morgan Stanley, Jefferies, Leerink Partners, and Stifel, Nicolaus & Company. Additionally, MapLight completed a private placement of shares to affiliates of Goldman Sachs. In terms of market activity, MapLight began trading on the Nasdaq Global Market at $19 per share, above its IPO price. Analyst firms have shown interest in MapLight, with Jefferies initiating coverage with a Buy rating and a price target of $32.00, and Morgan Stanley starting coverage with an Overweight rating and a price target of $34.00. These ratings reflect optimism about MapLight’s pipeline, particularly its lead asset, ML-007C-MA, which is being developed for schizophrenia and Alzheimer’s disease psychosis.
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