Needham initiates coverage of MapLight on schizophrenia drug potential

Needham initiates coverage on Maplight Therapeutics MPLT.O with a "buy" rating and a PT of $37

Brokerage says MPLT's experimental lead drug ML-007C-MA is a safer and more convenient alternative to Bristol Myers Squibb's BMY.N drug, Cobenfy

*Adds the drug is differentiated from Cobenfy in schizophrenia on tolerability and convenience with at least comparable efficacy, supporting $1.5 billion in sales by 2035

Says MPLT's drug could be even more differentiated from Cobenfy in Alzheimer's disease psychosis, including less frequent dosing, supporting sales of $2.4 billion by 2035

Mid-stage trial data for ML-007C-MA is expected in Q3 this year

As of last close, MPLT shares up 37.4% YTD