Mar. 26 at 5:30 PM
Stifel reiterated
$MPLT Buy;
$28
$BMY $NBIX BTAI VNDA ABBV TEVA
Stifel said in its note to investors:::We remain Buy-Rated on MPLT following an in-line 4Q update.
Most importantly, ph2 data for ML-007C-MA is on track for topline readout in 3Q26.
As we see it, the M1/M4 mechanism is de-risked by Cobenfy, but we're still hoping to see confirmation of efficacy, with the potential to differentiate on at least one of tolerability/safety or dosing (once-daily).
Meanwhile, MPLT's ph2 ADP program is still on track for 2H27 -- BMY's ph3 ADEPT study readouts coming in 2026 should have significant readthrough here, and in ADP there's a path for MPLT to differentiate with BID dosing and lack of fasting requirements.
Elsewhere, we're also expecting topline for ML-004 in an exploratory ph2 study in ASD, and MPLT also announced ML-005, their next-gen M1/M4 with
potential for LAI formulation.
