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On Monday, H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating and a price target of $25.00 on Milestone Pharmaceuticals, traded on NASDAQ under the ticker (NASDAQ:MIST). The stock has shown strong momentum with a 36% gain over the past six months, despite its characteristic volatility. The firm's confidence is rooted in the potential approval and upcoming launch of CARDAMYST, Milestone (WA:MMD)'s innovative nasal spray designed to treat episodes of paroxysmal supraventricular tachycardia (PSVT). According to InvestingPro data, analyst targets for MIST range from $2 to $25, reflecting diverse views on the company's potential.
Trucchio's optimism follows a January 14 meeting with Milestone's management, including President and CEO Joseph Oliveto and other senior executives. During the meeting, the management team expressed their anticipation for CARDAMYST's approval, with a Prescription Drug User Fee Act (PDUFA) date set for March 27. Notably, no advisory committee meeting is expected ahead of this date, potentially smoothing the path for approval. InvestingPro analysis shows the company maintains a healthy liquidity position with a current ratio of 15.4, though it's currently burning through cash reserves.
The analyst anticipates that, upon approval, CARDAMYST's market introduction could gain momentum in the second half of 2025 and into 2026, focusing initially on new patient starts. Trucchio predicts that there will be relatively few refills during the first 18-24 months post-launch.
Additionally, Milestone Pharmaceuticals is planning to initiate a Phase 3 program in the first half of 2025 for atrial fibrillation with rapid ventricular rate (AFib-RVR). Success in this program could open the door to a significantly larger patient population.
H.C. Wainwright estimates that CARDAMYST could generate revenues exceeding $1 billion, considering its application in both PSVT and AFib-RVR if approved. The firm believes that the market has yet to fully recognize the revenue potential of CARDAMYST, maintaining a strong Buy recommendation for Milestone Pharmaceuticals' stock. With a market capitalization of just $136 million and trading near its InvestingPro Fair Value, investors seeking deeper insights can access 12 additional ProTips and comprehensive financial metrics through InvestingPro's advanced analysis platform.
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