** Shares of Maplight Therapeutics MPLT.O rise 6.8% to $30.79

** Co says its autism drug, ML-004, did not improve social communication after 12 weeks, missing its main goal in a mid-stage trial

** "We'd argue this indication had low Street expectations prior to the readout," Jefferies analyst Andrew Tsai said

** However, in a pre-specified analysis of small group of adolescents with moderate to severe irritability, the drug produced a large reduction in irritability symptoms compared to placebo, with an effect size of 1.33 described as "clinically meaningful"

** "While the primary endpoint missed, ML-004 showed a clinically meaningful signal in irritability among adolescents with moderate or greater baseline irritability, a setting with an established regulatory path and meaningful unmet need," TD Cowen analyst Joseph Thome says

** Co plans to meet U.S. FDA to discuss next steps for development focused on irritability

** Including session moves, stock up 73% YTD