ADEPT-2 news ‘at face is a win’ for MapLight Therapeutics, says Stifel

After Bristol Myers (BMY) announced this morning that the ADEPT-2 study of Cobenfy in in Alzheimer’s disease psychosis will continue enrolling additional patients after a review identified irregularities due to trial conduct at some sites, Stifel analyst Paul Matteis contends that the study continuation has “grey implications, but at face is a win” for MapLight Therapeutics (MPLT) and overall this is a positive, though there are some lingering questions. For MapLight, the firm thinks there’s a chance that their muscarinic drug has a wider therapeutic index in elderly subjects and the firm sees “an upside risk/reward” as the current valuation “arguably prices in very little ADP credit.” Stifel has a Buy rating and $28 price target on MapLight shares, which are up $3.61, or 28%, to $16.50 in morning trading.