TD Cowen Initiates on MapLight (MPLT); Says It’s Undervalued on Schizophrenia Alone

MapLight Therapeutics, Inc. (NASDAQ:MPLT) is one of the must-buy small cap stocks to buy. On April 7, TD Cowen analyst Joseph Thome initiated coverage on MapLight Therapeutics, Inc. (NASDAQ:MPLT) with a Buy rating. The analyst cited the company’s pipeline of treatments targeting the central nervous system, or CNS, and neuropsychiatric conditions.

Thome’s bullish thesis is built around ML-007C-MA, which is MapLight’s lead drug candidate designed to improve on the profile of Cobenfy. Cobenfy is a Bristol Myers Squibb (NYSE:BMY) product used for adults with schizophrenia. ML-007C-MA is a Cobenfy competitor and MapLight intends it to work just like the latter but with improved convenience.

MapLight’s drug targets the same M1/M4 receptor mechanism as Cobenfy but with better tolerability, safety, or dosing frequency, according to the company. The company initiated the drug’s Phase 2 trial on September 17, 2025, and expects the data to be out in Q3 2026. MapLight is also running a Phase 2 study of ML-007C-MA in Alzheimer’s psychosis, an indication that, if successful, would significantly expand the drug’s addressable market beyond schizophrenia. A second pipeline asset, ML-004, is in a Phase 2 study for autism spectrum disorder, or ASD, whose data is also anticipated in Q3 2026. Thome noted that the stock is undervalued based on the schizophrenia opportunity alone.

MapLight Therapeutics, Inc. (NASDAQ:MPLT) is a clinical-stage biotechnology company. It develops therapies for central nervous system disorders, including schizophrenia, Alzheimer’s disease psychosis, autism spectrum disorder, and Parkinson’s disease. Its pipeline includes multiple drug candidates such as ML-007C-MA and ML-004.

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