H.C. Wainwright Reiterates Buy Rating on MapLight Therapeutics (MPLT)

H.C. Wainwright analyst Raghuram Selvaraju reiterated a Buy rating and $45.00 price target on MapLight Therapeutics (NASDAQ: MPLT).

The analyst commented: "We recently hosted a panel discussion during the 7th Annual H.C. Wainwright & Co. Neuro Perspectives Conference at West End Labs in New York City. The featured panelists—Christoph Correll, M.D., Professor and Chair of the Department of Child and Adolescent Psychiatry, Psychosomatic Medicine and Psychotherapy at the Charité University Medicine in Berlin, Germany; and René Kahn, M.D., Ph.D., System Chair of Psychiatry and Director of the Blau Center at the Icahn School of Medicine at Mount Sinai in New York, NY—expressed keen interest in the muscarinic receptor activation mechanism and its applicability to schizophrenia and psychosis. However, they noted limitations with COBENFY (xanomeline / trospium), the combination product developed by Karuna Therapeutics and acquired by Bristol-Myers Squibb (BMY; not rated) through its $14B purchase of Karuna in late 2023. Both experts cited the fact that COBENFY appears to have disappointed commercially thus far, although further traction might be achieved in future, and that breakthrough side-effect issues remain a problem—particularly nausea and indigestion—despite the use of trospium to block peripheral muscarinic activation. For MapLight's ML-007C-MA, the benchmark for maximum commercial potential is at least similar efficacy to COBENFY with simpler dosing, less food restriction, and improved GI tolerability. MapLight's candidate activates both M1 and M4 muscarinic receptors, while other muscarinic agents that have disappointed in the clinic—notably AbbVie's (ABBV; not rated) emraclidine—only modulate the M4 receptor. Given the stacked catalyst cadence, we reiterate our Buy rating and 12-month price target of $45."

For an analyst ratings summary and ratings history on MapLight Therapeutics click here. For more ratings news on MapLight Therapeutics click here.

Shares of MapLight Therapeutics closed at $28.82 yesterday.

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