MapLight says Phase 2 schizophrenia data showed strong twice-daily efficacy while the once-daily dose missed the primary endpoint.

Shares fell more than 66% Monday morning, which analysts suspect is due to investors seeing the data as not competitive with Bristol Myers' Cobenfy.

MapLight Therapeutics' $MPLT stock fell 60%+ after ML-007C-MA's once-daily regimen missed Phase 2 ZEPHYR trial's primary endpoint; twice-daily dose succeeded vs. placebo.