MapLight Therapeutics initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of MapLight Therapeutics (MPLT) with an Overweight rating and $34 price target The company’s lead asset, ML007-C-MA, has “best in class potential” in the greater than $20B market for antipsychotics, the analyst tells investors in a research note. The firm says approved antipsychotics are all very similar, with high switch rates, positioning novel drug mechanisms to gain market share.